Deposits linked to Bangladesh in Swiss banks surged sharply in 2024, rising nearly 23 times compared to the previous year, according to the Swiss National Bank’s (SNB) Annual Banking Statistics released on Thursday in Zurich.

The report shows that total liabilities of Swiss banks associated with Bangladesh—comprising trade finance, investment, and personal funds—reached CHF 598 million in 2024. At an average exchange rate of Tk 149 per Swiss franc, the figure amounts to approximately Tk 89.12 billion.

This marks a dramatic increase from CHF 26.38 million in 2023 and CHF 58.38 million in 2022. The deposits are categorised as “amounts due to the bank” and “amounts due in respect of customers’ deposits,” standing at CHF 576.61 million and CHF 126.22 million respectively. An additional CHF 8.61 million was held through fiduciaries or wealth managers.

The data excludes shadow accounts, fiduciary deposits under shell companies, and does not indicate the origin or legality of the funds. The SNB does not comment on whether such deposits constitute illicit or undisclosed wealth. Nonetheless, the sharp rise has prompted renewed speculation over capital flight during a politically volatile year in Bangladesh.

2024 was marked by widespread unrest, including a student-led uprising against Prime Minister Sheikh Hasina’s government, which culminated in her resignation and reported departure to India in August. Observers suggest the political crisis may have triggered a rush to offshore safe havens.

Bangladesh Bank previously estimated that only about 10% of such deposits were personal, with most linked to trade transactions. However, the scale of increase in 2024 raises questions over hidden wealth movement.

In contrast, total foreign deposits in Swiss banks fell slightly to CHF 977.12 billion. Deposits from Indian clients rose 240% to CHF 3.5 billion.

Swiss banking secrecy laws continue to obscure the full picture, fuelling ongoing global concerns about cross-border illicit finance.