Bangladeshi money in Swiss banks jumps by 19%

The Swiss National Bank published a series of annual reports on Thursday which revealed that deposits by Bangladeshi citizens have gone up remarkably. The report for the year 2016 disclosed that there has been a 19% increase in deposits since 2015. The total deposit by Bangladeshi citizens in various Swiss banks totalled Tk5,566cr in 2016, which was Tk4,417 in 2015. Overall, the United Kingdom has the biggest deposits in Swiss banks. In South Asia, Pakistan leads with the largest deposits, followed by India whose deposits are down by more than half, with Bangladesh in third position. There are speculations that foreign deposits usually increase prior to national elections out of fear and concern. Swiss banks, with their strict confidentiality, have also proven to be a safe haven for those looking to conceal their wealth. Subhankar Saha, executive director of Bangladesh Bank, told reporters that Bangladesh Bank is unaware of what the Swiss central bank based the report on. He said that the Bangladeshi central bank works diligently to prevent money laundering. An anonymous Bangladesh Bank official, when asked about the deposits, said that the central bank could not clarify the nature of the deposits. But the official also said that many deposit their valuables in these banks and the money is usually siphoned from Bangladesh.