By Asif Showkat Kallol (Dhaka Bureau)
The snow-covered vaults of Switzerland have long stood as an eternal symbol of global capitalism. Whenever stories of tax evasion, hidden wealth, or illicit financial flows emerge, the name of this European nation repeatedly takes center stage. Now, the latest annual report released by the Swiss National Bank (SNB)- the central bank of Switzerland- has once again exposed a deep economic wound in the South Asian developing nation of Bangladesh.
According to the report, funds held by Bangladeshi individuals and institutions in Swiss financial institutions reached 834.1 million Swiss francs (approximately BDT 12,512 crore) in 2025. This represents a stunning 41.5 percent increase compared to the previous year.
A Striking Contradiction Behind the Statistics
This latest surge completely reverses the declining trend in Swiss bank deposits held by Bangladeshis observed in recent years. Within a single year, deposits grew by more than BDT 3,669 crore.
The trajectory of deposits over the recent years highlights this dramatic shift:
* 2021 (All-time High): 871.1 million.
* 2023 (Recent Low): 17.7 million.
* 2024: 589.5 million.
* 2025 (Latest): 834.1 million.
Rhetoric vs. Reality: An Economic Irony
The timing of this massive accumulation of wealth has sparked deep public skepticism. Following the major political transition in Bangladesh on August 5, 2024, many expected illicit capital flight to be effectively reined in. However, these statistics tell a starkly different story.
Eminent economist Professor Moinul Islam termed this trend highly alarming. ‘At a time when ordinary citizens are hard-hit by soaring inflation, rising living costs, and a severe foreign exchange reserve crisis, these statistics project a grim social and economic irony,’ he noted.
‘Ordinary citizens are constantly advised to tighten their belts, conserve foreign currency, and make sacrifices for the national economy. Meanwhile, the nation’s wealth seems to possess a first-class ticket like an elite tourist, bypassing all domestic investment opportunities to enjoy the scenic Alpine landscape of Switzerland,’ Professor Islam added.
The Borderless Freedom of Capital vs. The Confinement of People
In this era of global capitalism, money appears to enjoy far greater cross-border freedom than human beings. While ordinary students or youth from developing nations face stringent scrutiny to secure an international visa, and small entrepreneurs suffocate due to a lack of capital, money crosses borders effortlessly- without a passport or standing in immigration queues.
Analysts warn that Swiss banks are no longer the absolute fortresses of secrecy they once were. Over the past decade, Switzerland has been compelled to comply with international tax information exchange agreements. This implies that if Swiss bank deposits rise so sharply despite increased transparency, the true, dark underbelly of global capital flight- orchestrated through offshore tax havens, shell companies, and trade misinvoicing- must be unimaginably vast and complex.
Pressenza’s Perspective: The Need for Governance and International Solidarity
The ultimate challenge for Bangladesh is not merely tracking the money resting in Swiss bank accounts. The real task lies in enforcing strict financial governance at home, rigorously implementing anti-money laundering regulations, and recovering assets unlawfully siphoned abroad.
Until the global financial architecture stops draining wealth from peripheral nations, and until domestic accountability is firmly established, a significant portion of the foreign currency earned through the grueling labor of ordinary people will remain busy spending luxurious holidays across the oceans.
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The Writer:
Asif Showkat Kallol: Works for a German-based online outlet, The Mirror Asia, as Head of News and is a Contributor at Pressenza- Dhaka Bureau.
