Bangladeshis‍‍` Swiss bank deposits dip by record 93.7%

The deposits by Bangladeshi nationals in Swiss National Banks hit a record low at 55.2 million Swiss francs (CHF) in 2022 , posting a 93.7% decline from 871.1 million CHF a year ago, according to the latest annual data from the Swiss National Bank.

However, individual deposits have increased by 35.3% to CHF 35.6 million from CHF 26.3 million a year ago.

This record decline in deposits in Swiss Banks is due to a 97.7% decline in bank deposits.

In 2020, when the pandemic crushed the global economy, the amount of money parked by Bangladeshis in the Swiss banks dropped by 7 percent to 562.93 million Swiss francs.

The Swiss National Bank publishes the country-wise data every year. The annual report gives a glimpse into how much the rich have deposited their money into the banks.

In 2020, the total deposits of Bangladeshis in those banks had been CHF 562.9 million.

In the Swiss National Bank report, the money deposited by individuals and companies from various countries including Bangladesh, are described as ‍‍`liabilities‍‍` to be returned to the client when asked.

According to experts, the deposits mentioned in the Swiss National Bank‍‍`s reports are not all necessarily ‍‍`black money‍‍`. Bangladeshis also keep their money legally in the various banks there. Bangladeshis living in various countries around the world keep their money in various countries including Switzerland. So even though living abroad, when their deposit money as Bangladeshis, that is considered as Bangladeshis‍‍` money. However, money from various countries is also illegally transferred to Switzerland.

Meanwhile, though the amount of Bangladeshis‍‍` deposits in Swiss banks has been increasing over the past two decades, the government has taken no visible initiative to collect details of the owners of this wealth or to bring the wealth back to the country. 

Bangladesh Financial Intelligence Unit of BFIU is the institution responsible to collect information on money being siphoned out of Bangladesh overseas.