Swiss bank deposits of Bangladeshis jumps 20pc | 2017-07-01 |

Swiss bank deposits of Bangladeshis jumps 20pc

Staff Correspondent

1 July, 2017 12:00 AM printer

Deposits by Bangladeshi citizens with Swiss banks have jumped by 20.18 percent year-on-year in 2016 to 661.96 million Swiss francs or Tk 5,575 crore.

A report of the Swiss National Bank (SNB) titled ‘Banks in Switzerland 2016’ released on Thursday, suggests that bank deposits from Bangladeshi nationals have increased significantly.
The amount of money deposited in different Swiss banks by Bangladeshis was Tk 4,423 crore in 2015 and Tk 4,283 crore in 2014, but it jumped to Tk 5,575 crore in 2016.
According to the report, deposits by Bangladeshi nationals increased although that of other countries dropped significantly.
Even the deposits by Indians with Swiss banks dropped to 664 million francs in 2016 from 1.2 billion francs in 2015.
The report has not provided any information as to whether the money deposited by Bangladeshis and other nationals was untaxed or black money.
Meanwhile, Pakistani nationals’ deposits in Swiss banks also fell to 1.386 billion francs in 2016 from 1.477 billion francs in 2015.
The money deposited with Swiss Bank does not mean that it was black or illegal money. Bangladesh government has the right to bring back that portion of the money which will be proved to be earned illegally or laundered.
On June 6, Finance Minister AMA Muhith told parliament that capital flight from the country could not be stopped completely.
“What we can do is closing the avenues used for syphoning off money. That means taking measures to stop generation of black money.”
Switzerland has been providing wealthy families around the globe with a convenient and safe place to stash their money for several decades.
Bangladeshi nationals deposited Tk 1,222 crores with Swiss Banks in 2011, Tk 1,991 in 2012, Tk 3,149 in 2013, 4,283 in 2014, Tk 4,423 in 2015 and Tk 5,575 in 2016, said the SNB report.