Pakistan

Safe haven accounts: Pakistan got more money in Swiss banks than India: report

Pakistanis had 1.44b Swiss francs while Indians had 1.42b stashed at end of 2012.

News Desk June 22, 2013

Swiss National Bank. PHOTO: AFP

When it comes to money in Swiss banks, Pakistan has a slight edge over India with total funds amounting to 1.44 billion Swiss francs held there by Pakistani individuals and entities, Press Trust of India (PTI) reported.

In their local currency, the total funds held by individuals and entities from Pakistan in Swiss banks stood at 152.9 billion Pakistani rupees as on December 31, 2012, PTI said quoting Swiss National Bank (SNB) data.

However, this was the lowest level for such funds ever since Switzerland’s central bank began compiling this data in 2002 and was less than half of the record high amount of over 3 billion Swiss francs (Rs318.54 billion) recorded in 2005, the previous record low of 1.95 billion Swiss francs was seen in the year 2010.

This marked a decline of nearly 32% from 2.1 billion Swiss francs (about Rs222.98 billion) at the end of 2011, as per the latest annual report of Swiss central bank on banks operating in the country.

The issue of alleged stashing of black money in Swiss banks has been a matter of intense debate in Pakistan, as there have been reports of some top former government leaders having kept their money in banks in the European country due to their hugely popular ‘safe-haven’ status.

However, a higher amount than Indian entities assumes significance because Pakistan is a much smaller country in terms of population and area.

Still, the quantum of money held by Swiss banks for their Pakistani clients was about 1.5% higher than the equivalent figure for Indians at 1.42 billion Swiss francs (about 89.9 billion Indian rupees or 150.3 billion Pakistani rupees) at the end of 2012, the SNB data said according to PTI.

Published in The Express Tribune, June 22^nd, 2013.

COMMENTS (2)

Reas Ekberg. | 11 years ago | Reply

This means we are at least six times more corrupt.

Dr. Raja Zahid Khan | 11 years ago | Reply Press trust of India's eye opening report on foreign reserves of pakistani's in swiss banks is again a wellcome indication particularly at a time when budget is under heavy debate in terms of taxation and relief for the common man. This could be termed as a CBM from India while new governmental hierarchy in islamabad is facing tonnes of difficulties while focussing on people's friendly policies and deliverance due to its tight fiscal indexes. Financial issues in foreign banks has always been a matter of concern for taxed effecting middle class and to some extent a below poverty levelled class but never being a problem for upper and establishment intelligentia. If that( the ruling establishment) would have openned their eyes timely then Pakistan's fate might have changed long ago! Even the diehard millitary autocratic rulers had never tried any move in this regard at any time during their mighty rule probably due to the close links with such accounts at any level or due to vested interests, despite all their pro- pakistan decisions. So, now it would also be an uphill task for power corridors of PML-N ruling elite if she decides for necessary legislation prior to contact with swiss agencies for these accounts amount to be re-paid to Pakistan in this moment of low resenves. This will not only release the pressure from fiscal deficit but also more passionate allocation on psd programs and revitalise pakistan in its five years mandatory paliamentary terms.

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