Photo: Collected-
Metropolis Desk-
The amount of money deposited by Bangladeshi nationals and banks in Switzerland decreased by 93.7 percent last year, reaching 55.3 million Swiss francs (CHF) in 2022.
The country’s foreign currency reserves are under pressure because they dropped by 26% to $33.7 billion in 2022. 35.6 million of the deposits, the biggest number since 2016, are made by citizens of Bangladesh.
Nobody’s identity or whether the money was laundered in Bangladesh is indicated in the data. Only CHF 19.6 million, down from CHF 844.8 million, was in Bangladeshi banks at the end of 2022.
Bangladesh’s foreign exchange reserves fell by 26% in 2022 to $33.7 billion, forcing the government to limit the amount of dollars available.
The majority of customer deposits that have been reported certainly occurred using unlawful methods including hundi and trade-based money laundering.
The main cause of the substantial increase is the scarcity of instances of money laundering and repatriation of assets and money that have been stolen.
