Current Affairs PDF

India in 88th place in money hoarded in Swiss banks

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

As per an analysis of the latest figures compiled by the Swiss National Bank, India has slipped to 88th place in terms of money parked by its citizens with Swiss banks by the end of 2016. With maximum holdings, UK has topped the list.

More Information related to Swiss National Bank Data:

Money officially held by Indians with banks in Switzerland now accounts for a meagre 04% of the total funds kept by all foreign clients in the Swiss banking system.

  • Indian holding stood at 676 million Swiss francs — a record low after falling for three consecutive years.
  • India was placed at 75th position in 2015 and at 61st in 2014. Till 2007, India used to be among top-50 countries in terms of holdings in Swiss banks. India ranked highest at 37th place in the year 2004., Switzerland ratified an automatic exchange of financial account information with India
  • The total money held in Swiss banks by foreign clients from across the world, incidentally rose by a small margin from 1.41 trillion Swiss francs (CHF) to CHF 1.42 trillion during 2016. 
  • UK accounted for the largest chunk at about CHF 359 (over 25%) of the total foreign money with Swiss banks.
  • US came second with nearly CHF 177 billion or about 14 per cent. No other country accounted for a double-digit percentage share.
  • Pakistan continued to remain placed higher than India at 71st place with about CHF 1.4 billion.
  • India was also the lowest ranked among the BRICS nations — Russia was ranked 19th (CHF 15.6 billion), China 25th (CHF 9.6 billion), Brazil 52nd (CHF 2.7 billion) and South Africa 61st (CHF 2.2 billion).
  • The total money belonging to the developed countries fell to CHF 824 billion, while those from developing nations actually rose marginally to CHF 208 million.
  • The money from developing economies in Asia-Pacific region rose to CHF 50 billion.

Quick Facts about Swiss National Bank:

Swiss National Bank(SNB) is the central bank of Switzerland, responsible for Switzerland’s monetary policy  and also for the issuing of Swiss Franc currency notes.

  • It was established in year 1906.
  • SNB has two headquarters – one in Bern and other in Zurich.
  • Thomas Jordan is the current Chairman of SNB.