Bangladesh Bank is exploring whether Bangladeshi lenders can open branches in the Maldives to make it easier and cheaper for more than 100,000 Bangladeshi workers there to send earnings home through formal channels, a senior central bank official told the state news agency BSS.

Source: TOB News / BSS, Oct 22-23, 2026

Remittances from the Maldives fell 16.4 per cent to about $118 million in fiscal year 2025-26, from $141.1 million a year earlier — yaani about $11.8 crore (roughly $118 million) last year, down from about $14.1 crore (roughly $141 million) — while workers continue to face high transfer costs and difficulty converting the Maldivian rufiyaa, TOB News reported, citing BSS.

Source: TOB News / BSS, Oct 22-23, 2026

Bangladesh Bank Governor Md Mostaqur Rahman wrote on October 8 to Maldives Monetary Authority (MMA) Governor Ahmed Munawar seeking cooperation, and the central bank says it is now awaiting a reply. BRAC Bank and National Bank are among the private banks that have already completed feasibility studies on opening branches there, according to the official.

Source: TOB News / BSS, Oct 22-23, 2026

Alongside branches, Bangladesh Bank proposed three mechanisms in the October 8 letter: settling workers' transfers in rufiyaa through the Asian Clearing Union, with families in Bangladesh paid in taka; allowing eligible travel-related payments in rufiyaa using taka-linked cards through Maldivian banks and money transfer operators; and exploring a bilateral currency swap between the two central banks, The Business Standard reported.

Source: The Business Standard (TBS), Oct 2026

Banks from India, Sri Lanka and Pakistan already operate in the Maldives, and Bangladeshi banks should be given the same opportunity, the official said. Bangladesh Bank said it is ready to send a delegation, including officials from the Bangladesh High Commission in Malé, for technical talks, and that any move would depend on the MMA's response and the laws of both countries.

Source: Maldives Now, Oct 24, 2026