Pakistani money in Swiss accounts reportedly 'down by 21pc'

Money kept by Pakistanis in Swiss banks fell by a significant margin of 21 percent to stand at CHF 1.115 billion in 2017, stated an Indian media report.

As per the latest data released by Switzerland's central bank SNB (Swiss National Bank), the funds linked directly to clients from Pakistan stood at CHF 1,100.7 million at the end of 2017, while the money held through fiduciaries or wealth managers was CHF 15 million.

“In comparison, the clients' direct money stood at CHF 1,386.6 million and through fiduciaries at CHF 29 million in 2016,” reported PTI.

“Despite the decline, the money held by Pakistani nationals and entities remain above that of Indians, which rose by over 50 percent to CHF 1,015 million in 2017 after three consecutive years of decline,” the report added.

Earlier in 2015, these funds had risen 16 percent from CHF 1,301 billion at 2014-end. 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.

Meanwhile, the total funds held by all foreign clients of Swiss banks rose about 3pc to CHF 1.46 trillion in 2017.