Deposits under Bangladesh’s name in Swiss banks see over 33 fold surge

The amount of money deposited under Bangladesh’s name in Swiss banks has surged more than 33 times compared to the previous year, according to the latest report from the Swiss National Bank (SNB) released on Thursday.

As per SNB data for 2024, deposits linked to Bangladesh have reached 589.54 billion Swiss francs, equivalent to approximately Tk 897.2 billion (considering 1 franc = Tk 150). In comparison, the amount was only 17.71 billion francs at the end of 2023.

These deposits include claims by Bangladeshi banks, depositors’ funds, and investments in capital markets. Over 95% of the deposits belong to Bangladeshi banks and are reportedly related to trade financing, according to Bangladesh Bank officials.

However, concerns remain that some of these funds may originate from money laundering. Swiss authorities have stated they will cooperate if credible evidence is provided.