Staff Reporter:
Bangladesh High Commission in the Maldives is exploring practical ways to help Bangladeshi expatriates send their earned money home safely and legally amid the island nation’s continuing foreign currency crunch.
In was told in a press release of the Bangladesh High Commission in Male yesterday.
The release said Bangladesh High Commissioner to Maldives Dr Nazmul Islam held separate meetings with officials of the State Bank of India, Bank of Ceylon and Habib Bank to resolve the issue.
The meetings discussed the Maldives’ dollar shortage, liquidity in its banking sector, currency conversion, expatriate remittances and possible solutions based on other countries’ experiences.
The current foreign currency situation has made converting the local currency, the rufiyaa, into foreign currencies and managing outward financial flows increasingly difficult for banks operat-ing in the Maldives.
The High Commission said the difficulty is not limited to Bangladeshi workers but is linked to the Maldives’ wider foreign currency situation and banking system.
The meetings found that Indian expatriates, who were previously allowed to remit up to US$700 per month through the State Bank of India, can now send only $150 following successive reduc-tions in the limit.
The two sides also exchanged views on whether Bangladesh could benefit from regional experi-ences involving currency-conversion and swap arrangements between India and the Maldives.
The Bank of Ceylon said currency-conversion complications has caused preventing the bank from opening new remittance accounts, while Habib Bank had reduced its remittance ceiling from $1,000 to $300.
Remittance conversion is comparatively easier for Pakistani expatriates as their number in the Maldives is relatively small—between 400 and 700, the release said.
The challenge facing Bangladeshis is more acute, as most of the more than 100,000 Bangladeshi expatriates in the Maldives are semi-skilled or low-skilled workers who receive their salaries in rufiyaa.
Unlike many skilled professionals from other countries who are paid in US dollars or have direct access to foreign currency, Bangladeshi workers must convert their rufiyaa earnings into dollars before sending money home.
This places greater pressure on the banks and creates a distinct structural challenge for Bangla-deshi remittances, the High Commission said.
Against this backdrop, Dr Nazmul urged the banks to examine whether Bangladeshis could be allowed to send home relatively small amounts, at least the equivalent to $50 to $100, within the existing laws, regulations and banking framework.
The High Commissioner said the proposal did not seek any special or preferential treatment but aimed at establishing a reliable remittance channel for small transfers through the authorised banking system.
“Even sending $50 or $100 by a worker earning in rufiyaa is extremely important for their fami-ly,” he said, adding that such a facility would enhance expatriates’ financial security and increase remittance flows through legal channels.
The meetings also explored prospects for trilateral cooperation involving Bangladesh, the Mal-dives and other regional partners to expand trade, investment, financing and commercial trans-actions.
The High Commissioner said, his office would continue coordinating with the Maldivian authori-ties, banks and the Bangladesh government to ensure an easy, safe and legal remittance system for Bangladeshi expatriates.
