News: Swiss National Bank has released the analysis of the latest annual banking statistics.
- Top Countries: UK was ranked first as it accounted for close to 27% of the total foreign funds parked with Swiss banks at the end of 2019.
- The UK was followed by the US, West Indies, France and Hong Kong in the top five.
- India: India has moved down three places to 77th rank in 2019 as it accounted for just about 0.06% of the total foreign funds parked with Swiss banks.
- The money parked by Indians in Swiss Banks has fallen by 5.8% to CHF 899 million (Rs 7,100 crore) in 2019.
- BRICS Countries: India is ranked the lowest while Russia is ranked the highest at the 20th place followed by China at 22nd, South Africa at 56th and Brazil at 62nd.
- Neighbouring countries: India’s neighbouring nations are ranked lower than India with Pakistan ranked 99th, Bangladesh 85th, Nepal 118th, Sri Lanka 148th, Myanmar 186th and Bhutan 196th.