Money kept by Pakistani nationals in Swiss banks has risen by 16 percent standing at 1.5 billion francs (PKR 161bn), revealed the latest data released by Swiss National Bank (SNB).
According to Economic Times, the total amount of funds belonging to Pakistan in Swiss banks stood at CHF 1,513 million at the end of 2015, up over 16pc from CHF 1,301 billion, in 2014.
In doing so, Pakistanis have even left behind next door neighbor Indians, claimed the report. The amount held by Pakistanis include funds of nearly CHF 1,477 mn (PKR 158 bn) held direct by Pakistani nationals and CHF 36 million (PKR 3.6 bn) held through fiduciaries.
The amount of Indian related funds in Swiss banks has fallen for the second consecutive year and stood at CHF 1,217 million at the end of 2015, posting a drop of 33pc.
This is been the second straight year, where Pakistani related funds have witnessing a rise in Swiss banks, that has defied the global trend, as several major economies i.e. USA and China saw declining of funds in Swiss banks, in the wake of international clampdown against Switzerland’s banking secrecy laws.
However, it should also be noted that the total funds linked to Pakistan in Swiss banks stood at a record high level of CHF 3.43 billion in the year 2001, which has come down considerably since then, revealed the SNB data.
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