Deposits by Bangladeshis in Switzerland's banks have declined last year.
The amount came down to 481.3 million Swiss francs or Tk 41 billion in 2017 from Tk 56.85 billion (1 Franc equals nearly Tk 86) the previous year, according to figures by the Swiss central bank report ‘Banks in Switzerland 2017’.
In 2015, Bangladeshis’ deposits in the country were around 550 million francs or Tk 47.30 billion.
Every year, the Swiss National Bank (SNB) discloses the country-wise deposit information with banks.
The report, however, said that overall deposits from foreign nationals in the country’s banks have seen a decline in 2017.
The Bangladesh Bank said its assessment also found that deposits by Bangladeshis in Swiss banks have declined.
“Our calculations also showed that it has come down,” Deputy Governor Abu Hena Mohd. Razee Hassan told Bangla Tribune.
“It’s not necessary that the funds deposited in Swiss banks go from Bangladesh. Our skilled manpower across the world can keep money in those banks as well as those who operate businesses abroad legally. Besides these, expatriate Bangladeshis also keep money with Swiss banks,” he added.
Swiss banking secrecy in its current form took shape before World War Two and provided the victims of Nazi persecution with a way to protect their assets.
After the 2008 financial crisis which was followed by eurozone debt crisis, a movement to scrap the policy in Switzerland and other tax havens arose.