‘Asset accumulation’ gave rise to Swiss bank deposits: Envoy

11 Jul 2017, 22:57

Online Desk

Dhaka: Outgoing Swiss Ambassador to Bangladesh Christian Fotsch on Tuesday revealed that the latest rise in deposits by Bangladeshis in Swiss banks were contributed by increased accumulation of assets of Bangladeshi banks through different financial instruments, not by 'individuals'.

He came up with the information during his meeting with State Minister for Foreign Affairs M Shahriar Alam at the latter's office.

In 2017, Ambassador Fotsch said, Switzerland introduced the automatic exchange of information (AEOI) with 38 states and territories: all EU member states and Gibraltar, Australia, Iceland, Norway, Guernsey, Jersey, Isle of Man, Japan, Canada and the Republic of Korea.

The first data will be exchanged with these partners in 2018, according to the Foreign Ministry here.

During the meeting, they also referred to discussions held in the national parliament and related published news items on the rising deposits by Bangladeshis in Swiss banks.

On June 16, 2017, the Swiss Federal Council adopted the dispatch on the introduction of the AEOI with 41 states and territories based on the Multilateral Competent Authority Agreement (MCAA), the Ambassador disclosed.

Fotsch further conveyed that Bangladesh may enter into discussions with Switzerland to sign a similar agreement to ensure greater transparency in this regard.

Expressing satisfaction on exchange of letters by two Foreign Ministers to commemorate the 45th anniversary of the establishment of diplomatic relations between the two countries earlier this year, the Swiss envoy expressed happiness at the ongoing cordial bilateral relations.

They discussed different aspects of bilateral relations, including trade and investment, future GSP Plus facilities and cooperation in international fora.

Fotsch expressed gratitude for extending all-out support by him and also by the ministry during his tenure.

State Minister Alam congratulated the Ambassador on successful completion of his assignment in Dhaka and wished continued success in his career.