Geneva, 21 June 2024 – The deposits of Bangladeshis in Swiss banks have been decreasing at an unusual rate over the past two years. According to the latest annual report by the Swiss National Bank, Bangladeshi deposits in Swiss banks have seen a dramatic decline, amounting to Tk 10,500 crore withdrawn in 2022 alone. This trend has continued into 2023.

The Swiss National Bank's report, published on Thursday (June 20), reveals that Bangladeshi deposits in Swiss banks stood at 1.77 million Swiss francs in December 2023. Converting this amount at an exchange rate of 132 taka per franc, the total is approximately 234 crore taka. This is a significant decrease from the beginning of 2023 when deposits were at 5.52 million francs. Consequently, the deposits have decreased by about 65% in 2023. The previous year saw an even steeper decline of 94%.

The dramatic fall in deposits is notable when compared to 2021, where Bangladeshi deposits in Swiss banks were 871.1 million francs. By the end of 2022, this amount had dwindled to just 5.5 million francs, and it further decreased to a quarter of a million francs by the end of 2023. In total, deposits have decreased by approximately 11 thousand crores over the past two years.

The Swiss National Bank's report does not provide explicit reasons for the sudden decrease in Bangladeshi deposits. However, it is speculated that the reduced secrecy in Swiss banking laws has led wealthy individuals from various countries, including Bangladesh, to seek alternative tax havens. Countries such as Luxembourg, the Cayman Islands, the British Virgin Islands, and Bermuda have become attractive destinations for depositing illegal income and avoiding taxes due to their more stringent confidentiality laws.

Switzerland has historically been known for its strict confidentiality regarding bank customers' identities, which made it a favored location for stashing money obtained through illicit means. Despite this reputation, the Swiss National Bank has been publishing annual reports for over a decade, though these reports do not disclose specific customer information. 

The significant decline in Bangladeshi deposits in Swiss banks highlights a shifting landscape in global finance, where increasing transparency in Switzerland is leading depositors to explore other jurisdictions. This trend underscores the dynamic nature of international banking and the ongoing efforts of individuals to safeguard their assets in an ever-changing regulatory environment.