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22nd of July 2018

Economy



Pakistani money in Swiss banks down by 21 pc, claims Indian media

s per the SNB data, the total funds linked to Pakistan in Swiss banks stood at a record high level of CHF 3.43 billion in the year 2001. Photo: File

KARACHI: Money kept by Pakistani citizens in Swiss banks fell by over 21 per cent to a record low of CHF 1.115 billion in 2017 as per the latest data released today by Switzerland's central bank SNB (Swiss National Bank) on Thursday, said an Indian media report.

The report said that the Pakistani money in Swiss banks had fallen by six per cent to CHF 1.4 billion in 2016. Before that in 2015, these funds had risen 16 per cent from CHF 1,301 billion at 2014-end.

“Despite the decline, the money held by Pakistani nationals and entities remains above that of Indians, which rose by over 50 per cent to CHF 1,015 million (about Rs 7,000 crore) in 2017 after three consecutive years of decline,” said the media report.

This is the third year in a row that the funds linked to Pakistan in Swiss banks have exceeded that of Indians.

As per the SNB data, the total funds linked to Pakistan in Swiss banks stood at a record high level of CHF 3.43 billion in the year 2001, but has come down considerably since then and has hit the lowest level since 1996, from which this data is available.

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