Bangladeshi deposits in Swiss banks soared at an extraordinary rate in 2024, according to the annual report of the Swiss National Bank (SNB). As of December 31, Bangladeshi-held funds totaled 589.5 million Swiss francs—equivalent to approximately 8,834 crore taka, using an exchange rate of 149 taka per franc.
This marks a dramatic 3,246 percent increase from 2023, when deposits stood at just 17.7 million francs or 264 crore taka. The SNB report does not disclose the identities of the depositors or the origins of the funds.
Financial analysts believe the jump may be linked to renewed interest in Swiss banking secrecy, as wealthy individuals seek secure and discreet financial havens. Swiss banks, known globally for their privacy protections, have historically attracted funds tied to tax evasion and illicit transfers.
Previously, the highest recorded deposits by Bangladeshis were in 2021, totaling 87.1 million francs. Deposits then fell in 2022 and 2023 before surging again in 2024. The SNB clarified that these figures exclude assets such as gold and other valuables, as well as funds deposited by individuals masking their nationality.
The increase also coincides with the lead-up to Bangladesh’s 13th national parliamentary election, echoing past trends where overseas deposits spiked before major political events.
However, local banking officials caution against assuming all Swiss deposits are illicit. They point out that many Bangladeshis living in Europe and beyond maintain legal accounts in Swiss banks, and that institutional deposits are also included in the total.
Still, the unprecedented rise in 2024 is likely to spark further scrutiny from regulators and intensify public debate over money laundering and financial transparency.
Bd-pratidin English/ Jisan
