Bangladesh's deposits in Swiss Banks surge 23-fold in 2024

Bangladesh's deposits in Swiss banks skyrocketed to 598.2 million Swiss francs (approximately Tk8,972 crore at Tk150 per franc) by the end of 2024, according to the Swiss National Bank (SNB).

This marks a dramatic 23-fold increase from 2023, when deposits stood at 264 million francs (Tk396 crore). In 2022, the figure was 584 million francs (Tk876 crore).

The deposits encompass debts of Bangladeshi banks, individual depositors, and funds invested in Bangladesh’s capital market. Over 95% of the total is attributed to trade-related transactions by Bangladeshi banks, as reported by Bangladesh Bank.

Concerns persist that some of these funds may involve laundered assets, though no concrete evidence has been identified. 

Switzerland has shared banking statistics annually for years, but its Financial Intelligence Unit (FIU) has not disclosed individual depositor details to Bangladesh’s FIU despite multiple requests. 

Swiss authorities have stated they would cooperate if provided with evidence of illegal fund transfers.

Notably, deposits made by Bangladeshi citizens or entities under foreign names are excluded from these statistics. 

Similarly, the value of assets like art, gold, or rare items stored in Swiss bank vaults is not reflected. Many global citizens utilise Swiss banks for secure storage of such valuables.