Bangladeshi individuals’ deposits in Swiss banks rise 62% in 2020
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
SATURDAY, MAY 21, 2022
SATURDAY, MAY 21, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Bangladeshi individuals’ deposits in Swiss banks rise 62% in 2020

Bangladesh

Mohsin Bhuiyan & Muhammad Nafis Shahriar Farabi
17 June, 2021, 10:30 pm
Last modified: 17 June, 2021, 10:45 pm

Related News

  • Middle class savings under pressure
  • Banks need to focus on long-term deposits for infrastructure financing
  • Extreme poor’s bank deposits halve in pandemic
  • Islamic banks’ deposits, investments grow amid pandemic 
  • Prime Bank to support clients to recoup Covid-19 losses

Bangladeshi individuals’ deposits in Swiss banks rise 62% in 2020

Mohsin Bhuiyan & Muhammad Nafis Shahriar Farabi
17 June, 2021, 10:30 pm
Last modified: 17 June, 2021, 10:45 pm

Bangladeshi individuals deposited 32.234 million Swiss francs (CHF) or Tk302 crore in Swiss banks in 2020, a 62.6% increase compared to the previous year.

The growth rate of deposits by Bangladeshi individuals was the highest among South Asian countries, followed by Sri Lankans, according to the Swiss National Bank that released its annual banking statistics on Thursday.

Sri Lankan individuals deposited 42.39 million CHF in 2020, a 17.73% increase compared to the 2019 figure. Deposits by Pakistanis also saw an increase of 10.14% to 382.97 million CHF.

Meanwhile, Bhutan, Maldives, Afghanistan, Nepal, and India had an 82%, 36%, 35%, 14% and 8% decline in deposits by their citizens to Swiss banks.

However, in terms of volume, India and Pakistan are the two countries that have the highest Swiss banks' liabilities on an individual level.

Dr Ahsan H Mansur, executive director of the Policy Research Institute (PRI), said Swiss banks were among the many options people, who were laundering money, could stash it abroad.

"Those, who used to deposit their illegal money on an individual level, are not depositing their money in Swiss banks, rather they are investing their money mostly in the real estate."

Bangladesh has nothing to do with the rise and fall in deposits in Swiss banks. The government should instead focus on the gross money transfer, Ahsan said.

On the increase in customer deposits, he said that might happen for several reasons, for example trade related activities with Europe. Even banking efficiency is higher in Swiss banks, which attracts individuals to park more money in these banks.

"It requires much more information to make any appropriate explanation of what the real scenario is. It shouldn't be taken negatively without any proper inspection of the matter," he said.

If the Bangladesh government really wants to have this information, it may push for information regarding customer deposits on an individual level from Swiss banks, Ahsan added.

Overall deposits from Bangladesh stood at Tk5,274cr

Deposits of Bangladeshi individuals and enterprises in Swiss banks in 2020 amounted to 562.9 million CHF or Tk5,274.33 crore, a 6.65% decline compared to the 2019 figure.

According to the report, its data of "total liabilities" of Swiss banks to Bangladeshis includes all types of funds, including deposits from individuals, banks and other enterprises.

The report explained that the deposits as "liabilities" of Swiss banks are the official figures provided to the SNB by the Swiss banks. The figures do not indicate anything about the much-talked-about illicit money, if any, parked by Bangladeshis there.

In 1996, Swiss banks' liabilities to Bangladeshi individuals were nearly 26 million CHF, while it was 12.41 million to banks. Now, the amount from banks skyrocketed to 530.63 million CHF, and the amount from individuals slightly increased to 32 million CHF, indicating that individuals are keeping less money in Swiss banks.

Finance Minister AHM Mustafa Kamal said on Wednesday that, "Some greedy people are laundering money abroad and we are taking initiatives to amend laws to identify them."

He said it would be easy to take action against launderers if they could be identified first and the reasons for committing such crimes could be known.

The minister also said he believed no one would launder money if there were investment opportunities here in Bangladesh and if people thought investments would yield profits. 

Deposits from India in Swiss banks highest in South Asia

Bangladesh has come third in South Asia after India and Pakistan in terms of depositing money in Swiss banks in 2020.

Indian money in the banks rose significantly by 186.2% to 2.55 billion CHF in 2020.

With an increase of 78.61%, deposits by Pakistani citizens stood at 642.28 million CHF.

The lowest amount deposited was 0.26 million CHF, an 81.17% decline from the previous year, from Bhutan, followed by the Maldives.

Top News

Swiss banks / deposits

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Two years of Dhaka mayors: Paper promises, little results
    Two years of Dhaka mayors: Paper promises, little results
  • Photo: Collected
    Hiking gas, electricity prices now will be suicidal: FBCCI
  • A vendor wearing plastic overalls and surgical mask, waiting at his stall for buyers at Karwan Bazar. The ever-bustling marketplace has very few buyers now as many people have either left the city or are purchasing online to avoid going out. Photo: Mumit M/TBS
    Grocers’ plight as sales on credit increase

MOST VIEWED

  • Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
    Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
  • Representative Photo: Pixabay.
    Microplastics found in 5 local sugar brands
  • Bangladesh at risk of losing ownership of Banglar Samriddhi
    Bangladesh at risk of losing ownership of Banglar Samriddhi
  • Traffic jam as overturned van rescue takes 6hrs
    Traffic jam as overturned van rescue takes 6hrs
  • Representational image. Picture: Collected
    Bangladeshi student dies after being ‘pushed’ on NY subway tracks
  • PK Halder wants to return home
    PK Halder wants to return home

Related News

  • Middle class savings under pressure
  • Banks need to focus on long-term deposits for infrastructure financing
  • Extreme poor’s bank deposits halve in pandemic
  • Islamic banks’ deposits, investments grow amid pandemic 
  • Prime Bank to support clients to recoup Covid-19 losses

Features

The Buffalo shooter targeted Black people, linking mass migration with environmental degradation and other eco-fascist ideas. Photo: Reuters

Eco-fascism: The greenwashing of the far right

1h | Panorama
Green-backed Heron on a tilting stalk. Photo: Enam Ul Haque

Green-backed Heron: Nothing but a prayer to catch a fish  

3h | Panorama
Illustration: TBS

‘High logistics cost weakens Bangladesh’s competitiveness’

5h | Panorama
Every morning is a new beginning for all

Seashore

6h | In Focus

More Videos from TBS

Pigeon exhibition for the first time in Gazipur

Pigeon exhibition for the first time in Gazipur

7m | Videos
Photo: TBS

US Congress to hold first public UFO panel

2h | Videos
Pollution killing 9 million people a year

Pollution killing 9 million people a year

2h | Videos
Photo: TBS

Steps necessary to ensure economic stability

2h | Videos

Most Read

1
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

2
A packet of US five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron
Banking

Dollar hits Tk100 mark in open market

3
The story of Bangladesh becoming a major bicycle exporter
Industry

The story of Bangladesh becoming a major bicycle exporter

4
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

5
Representative Photo: Pixabay.
Bangladesh

Microplastics found in 5 local sugar brands

6
Mushfiq Mobarak. Photo: Noor-A-Alam
Panorama

Meet the Yale professor who anchors his research in Bangladesh and scales up interventions globally

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab