BANGLADESHI nationals’ deposits with various Swiss banks rose by 36.02 percent in 2014 compared with the previous year’s figure showing the fact that capital flight from Bangladesh has shoot up to a new height. Latest Swiss National Bank (SNB) data showed deposits by Bangladeshi nationals to Swiss banks stood at Tk 4,283 crore last year from Tk 3,149 crore in the previous 2013 as reported in national dailies on Friday. And what is most agonizing here is the fact that capital flight is not only limited to the Swiss banks, it is also going to many other destinations like Malaysia, Hong Kong, Dubai, USA, London, Canada and Australia to mention a few more. The fact is that rich and powerful persons enjoying patronization of the government in business, bureaucracy and politics are moving out the money, mainly acquired by illegal means and any institutional ban and vigilance on capital flight is therefore not proving effective.The report has blamed political uncertainty and lack of proper investment climate in the country as the main reason for prompting the people holding illegal money to move out it to safe destinations abroad. As per disclosure the volume of capital flight is making the official development assistance and foreign investment almost meaningless to mean that had there been no capital flight the country could go without much of such assistance. It is noticeable that Indian citizens’ deposits with Swiss banks fell by more than 10 percent last year, because of credible efforts by the new Indian government to repatriate the illegal money. It is not unknown at all to the Bangladesh government that huge funds are regularly flying out of the country. Parties are using the cover of fake container load of imports and fictitious trade documents to justify transfer of fund through banks to foreign exporters who only exists on paper. Latest information showed there is no progress at official level to stop the capital flight by stopping the so-called imports despite alerts from many quarters. The situation has rather worsened over the year. It is natural when the savers are also the eaters; hoping a change is against the hope. People tend to believe that fraudulent businesses; dishonest turn coat advisers and politically active bureaucrats have joined hand in most cases to keep the capital flight running to save their ill-gotten fortune. People also tend to believe that they are the ones who are keeping the political situation fragile and investment climate unstable to keep them in power and keep their fortune unaffected. Legal or ill-gotten, the fact remains our own people have lost confidence in security of their money within the country either for investment or in banks. The government is being misled by manipulating the figures by those in the government who supply the figures of development.
