ISLAMABAD – A report released by the Swiss National Bank reveals Pakistanranking 82nd position for the funds stashed in the Swiss Banks.
Bangladesh 89th, Nepal 109th, Sri Lanka 141st, Myanmar 187th and Bhutan193rd.
Notably, this the first time in the last four years that the funds linkedto Pakistan in Swiss banks have slipped below that of Indians.
A number of other major countries also saw their funds falling in Swissbanks amid a global clampdown against the erstwhile banking secrecy wallsin the Alpine nation.
India is now positioned at the 74th rank in terms of money parked by theIndian individuals and enterprises in the Swiss banks. While India hasslipped one place, the United Kingdom continued to maintain its topposition in the rankings based on money in Swiss banks.
India was ranked 73rd in 2018 after it jumped 15 places from its 88thposition a year ago. India has ranked “very low” when it comes to moneyparked in the Swiss banks, the analysis shows. Currently, India accountsfor just 0.07 per cent of the aggregate amount parked by all foreignclients of Switzerland-based banks.
The United Kingdom, on the other hand, accounted for more than 26 per centof the total foreign funds till December 2018. The United Kingdom isfollowed by the United States. The other countries in the top five are WestIndies, France, and Hong Kong.
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According to the annual banking statistics report, the top-five countriesalone account for more than 50 per cent of the aggregate foreign funds.
On the other hand, the top 10 countries account for nearly two-thirds ofthe aggregate foreign funds parked in the Swiss banks. The top-10 countriesalso include Bahamas, Germany, Luxembourg, Cayman Islands and Singapore.
The top-15 countries account for nearly 75 per cent of all foreign money inSwiss banks, while the contribution of the top-30 is almost 90 per cent.
Among the five-nation BRICS, India is ranked the lowest while Russia isranked the highest at 20th position. Russia is followed by China at 22ndspot, South Africa at 60th and Brazil at 65th place in terms of the amountof money parked by their residents at the end of 2018.
The countries that have been positioned higher than India also includeMauritius (71st), the Philippines (54th), Venezuela (53rd), Seychelles(52nd), Thailand (39th), Turkey (30th), Israel (28th), Saudi Arabia (21st),Panama (18th), Italy (15th), Australia (13th), UAE (12th) and Guernsey(11th).
