According to the latest Swiss National Bank (SNB) report, Bangladeshis have been withdrawing money from Swiss banks at an unprecedented pace.
The SNB’s annual report, published on June 20, revealed that deposits by Bangladeshis in Swiss banks plummeted from 55 million Swiss francs to 18 million francs in 2023, marking a dramatic 67% decline.
This trend of rapid withdrawals has been ongoing for several years. In 2021, Bangladeshis’ deposits in Swiss banks stood at 872 million francs, which then fell to 55 million francs in 2022.
Assuming an exchange rate of Tk131 per franc, the 2023 deposit amount translates to approximately Tk238 crore.
The total deposits of Bangladeshis in Swiss banks encompass various funds, including personal, bank, and enterprise deposits. Swiss banks are known for their strict privacy policies, attracting deposits from around the world, often due to the legal protection of consumer privacy under Swiss law. This law shields banks from disclosing customer information under any circumstances.
Despite these privacy protections, many individuals are shifting their funds to other countries amid growing scrutiny and criticism over money laundering and tax evasion.
Back in Bangladesh, authorities are cracking down on unaccounted wealth while simultaneously offering fiscal amnesty for black money to integrate it into the economy.
Indian individuals and firms also saw a significant drop in their Swiss bank deposits last year, with funds falling by 70% to 1.04 billion Swiss francs in 2023.
