Bangladesh High Commissioner to the Maldives Dr. MD Nazmul Islam has held discussions with senior representatives of the State Bank of India (SBI), Bank of Ceylon (BOC), and Habib Bank Limited (HBL) on establishing secure and accessible remittance channels for Bangladeshi workers in the Maldives. The discussions focused on the country’s foreign exchange shortage, existing remittance mechanisms, banking channels and challenges faced by expatriate workers transferring money abroad.

The Bangladesh High Commission said more than 100,000 Bangladeshi workers are employed in the Maldives, with many earning salaries in Maldivian Rufiyaa. Unlike many Indian, Sri Lankan and Pakistani professionals who receive salaries in US Dollars, Bangladeshi workers generally need to convert their Rufiyaa earnings into US Dollars before sending money home, creating additional difficulties amid the current foreign exchange shortage.

Bank representatives also outlined restrictions affecting other expatriate communities. SBI reportedly reduced its remittance limit for Indian nationals from USD 700 to about USD 150, while HBL reduced the limit for Pakistani nationals from USD 1,000 to USD 300. BOC also reported difficulties in opening new accounts for remittances due to limited US Dollar availability. Against this backdrop, Dr. Nazmul Islam proposed exploring a mechanism within the existing banking framework to allow Bangladeshi workers to formally remit smaller amounts of around USD 50 to USD 100.

The High Commissioner said the foreign exchange shortage affects expatriate communities from multiple countries and called for practical solutions within the existing regulatory framework. The Bangladesh High Commission said it will continue discussions with Maldivian authorities and financial institutions to improve remittance facilities, while the Maldivian government continues measures to address the foreign exchange crisis, including a crackdown on the illegal US Dollar black market, in which authorities have reported that many of those apprehended are Bangladeshi nationals.