Funds held by Bangladeshi individuals and banks in Swiss financial institutions surged dramatically in 2024, reaching 589.54 million Swiss francs (approximately Tk8,832 crore), according to the latest data from the Swiss National Bank (SNB). This marks a more than 33-fold increase from just CHF 17.71 million recorded in 2023 — the lowest level since record keeping began in 1996.
The sharp rise is largely attributed to an unprecedented spike in deposits from Bangladeshi banks, which rose to CHF 576.61 million in 2024 from a mere CHF 3.48 million the previous year, the SNB’s annual banking statistics revealed on Thursday (19 June). This year’s total ranks as the fifth-highest since 1996 and the second-largest inflow in the past five years, following the record CHF 871.1 million held by Bangladeshis in 2021. The increase follows a historic plunge in 2023 and has sparked renewed debate over transparency and financial oversight. Notably, deposits by Bangladeshi individuals in Swiss banks dropped by 9.6% year-on-year to CHF 12.62 million in 2024, while “other deposits” rose by 17% to CHF 0.31 million.
“I don’t think the rise is related to trade LCs, as Bangladesh doesn’t import significant volumes from Switzerland. There is no trade-based rationale to justify such a sharp increase within a year,” he said, adding, “These transactions may have occurred before the interim government assumed office in August. It is unlikely to have taken place afterward.” Swiss banks, long known for their strict secrecy laws, have shifted toward greater financial transparency through the Automatic Exchange of Information (AEOI), under which they shared data on 3.7 million accounts with 108 countries in 2024. However, Bangladesh remains outside the AEOI framework, unlike neighbouring India and Pakistan.
Economist Zahid Hussain, former lead economist at the World Bank’s Dhaka office, stressed the urgency of joining AEOI, warning that Bangladesh’s continued absence could permanently hinder its access to crucial cross-border financial data. In 2022, Swiss authorities disclosed account details of only one out of 67 Bangladeshis suspected of money laundering, further highlighting the country’s limited access to foreign-held financial information.
The SNB figures, however, do not distinguish between legitimate and illicit funds, nor do they confirm whether the deposits involve any money laundering activities.