Taka-Rufiyaa settlement under discussion

Bangladesh and the Maldives have discussed the possibility of introducing a direct financial transaction mechanism between the Maldivian Rufiyaa and the Bangladeshi Taka to facilitate remittance transfers and strengthen bilateral financial cooperation.

The issue was discussed during a recent courtesy meeting between Bangladesh High Commissioner to the Maldives, Md Nazmul Islam, and the Chief Executive Officer and Managing Director of the Bank of Maldives, Mohamed Shareef.

According to the Bangladesh High Commission in Malé, the meeting reviewed ways to establish a direct financial transaction system between the two currencies to make remittance transfers by Bangladeshi expatriates more efficient, secure and cost-effective.

Both sides agreed on the importance of developing a simple, reliable and sustainable mechanism that would enable migrant workers to send money home through formal channels without unnecessary complications.

During the meeting, the High Commissioner emphasised that ensuring safe and affordable remittance services for Bangladeshi expatriates remains one of the mission’s key priorities.

He paid tribute to the valuable contributions made by Bangladeshi workers in the Maldives and reaffirmed the High Commission’s commitment to promoting their welfare.

He also expressed optimism that enhanced financial services could be achieved through close cooperation among the Government of Bangladesh, Bangladesh Bank, the Ministry of Finance, the Ministry of Expatriates’ Welfare and Overseas Employment, and other relevant stakeholders.

The High Commission described the discussion as a significant step towards deepening financial cooperation between Bangladesh and the Maldives and improving services for the Bangladeshi expatriate community living in the island nation.