Defying a global trend, money kept by Pakistani nationals in Swiss banks has risen by over 16 per cent to 1.5 billion francs (over Rs.10,000 crore), exceeding that of Indians.
As per the latest data released today by Switzerland’s central bank SNB (Swiss National Bank), the total funds linked to Pakistan in Swiss banks stood at CHF 1,513 million at the end of 2015, up nearly 16 per cent from CHF 1,301 billion a year ago.
This included funds amounting to CHF 1,477 million held directly by Pakistani nationals and entities and CHF 36 million through fiduciaries or wealth managers.
This is the second straight year of rise in Pakistan-linked funds in Swiss banks. This is the first time in the last three years that the funds linked to Pakistan in Swiss banks have exceeded that of Indians.
In case of China, the total funds declined from CHF 8.16 billion to CHF 7.4 billion.
A number of other major countries also saw their funds falling in Swiss banks amid a global clampdown against the erstwhile banking secrecy walls in the Alpine nation.
