- The annual banking statistics report has been released by the Swiss National Bank. The annual statistics puts light on money parked by individuals and enterprises in Swiss banks by various countries.
Global Findings
- The United Kingdom has topped the annual statistics released by the Swiss National Bank.
- United Kingdom has accounted for more than 26 per cent (about CHF 372 billion) of the total foreign money parked with Swiss banks at the end of the year 2018.
- UK is followed by the US, West Indies, France and Hong Kong. These top 5 countries account for more than 50 per cent of the aggregate foreign funds parked with the Swiss banks.
- Among BRICS nations, Russia has been ranked highest at 20th place according to the money parked in Swiss Banks at the end of 2018. It is followed by China which is ranked 22nd, South Africa which is ranked 60th and Brazil which is ranked 65th. While India has been ranked lowest in the BRICS nations.
- Pakistan has been ranked 82nd, Bangladesh at 89th, Nepal at 109th, Sri Lanka at 141st, Myanmar at 187th and Bhutan at 193rd.
- It is for the first time in last four years that the funds linked to Pakistan in Swiss banks have slipped below than that of Indians.
Top 10 Countries
The top 10 countries account for about two-thirds of the money parked in Swiss Banks.- United Kingdom
- United States of America
- West Indies
- France
- Hong Kong
- Bahamas
- Germany
- Luxembourg
- Cayman Islands
- Singapore
India Specific Findings
- According to the annual statistics by SNB, India has been ranked 74th in terms of money parked by the Indian individuals and enterprises in the Swiss banks.
- India has slipped one place from the last year. India was ranked 73rd in the year 2018.
- India has very less amount of money in Swiss banks and at present, India accounts for only 0.07 per cent of the aggregate amount parked by all other countries in Swiss banks.
- The money parked by Indians in Swiss Bank fell by nearly 6 per cent in 2018 to 955 million Swiss francs (about Rs 6,757 crore).
- India was placed 88th in 2017, 75th in 2015. India has been ranked in the top-50 continuously between the year 1996 and 2007. However, the rank of India declined after that.
- Some of the countries ranked above India are - UAE (12th), Australia (13th), Japan (16th), Italy (15th), Saudi Arabia (21st), Panama (18th), Mauritius (71st), New Zealand (59th), etc.
Quick Facts-
- Swiss National Bank is the central bank of Switzerland. The bank has two head offices- one at Zurich and other at Bern.
- Thomas Jordan is the chairman of the Swiss National Bank.
- The capital of Switzerland is Bern and currency is Swiss franc.
- As per the Swiss National Bank, there were 248 banks in Switzerland at the end of 2018. Out of these, 216 banks reported a profit.
Questions
Q1. Which country has topped the annual statistics released by the Swiss National Bank?1. United Kingdom
2. United States of America
3. Germany
4. Singapore
5. Hong Kong
Answer- (1) United Kingdom
Explanation- The United Kingdom has topped the annual statistics released by the Swiss National Bank. United Kingdom has accounted for more than 26 per cent (about CHF 372 billion) of the total foreign money parked with Swiss banks at the end of the year 2018.
Q2. What is the rank of India in the annual statistics released by the Swiss National Bank?
1. 76th
2. 77th
3. 74th
4. 73rd
5. 72nd
Answer- (3) 74th
Explanation- According to the annual statistics by SNB, India has been ranked 74th in terms of money parked by the Indian individuals and enterprises in the Swiss banks.
