Money stashed by Pakistanis in Swiss Banks down 34pc.

• Position: Swiss National Bank's annual report, "Banks in Switzerland 2018"

Money kept by Pakistani nationals in Swiss banks fell by over 34percent to the lowest level of CHF 724 million or $738 million in 2018.

Switzerland's central bank, the Swiss National Bank, on Thursday published its annual report, "Banks in Switzerland 2018" and the corresponding data for its annual banking statistics.

The money that is directly linked to clients from Pakistan stood at CHF 724.1 million or $738 million in 2008, according to the annual report. It was down by CHF 376 million or 34percent when compared with CHF 1.1 billion in 2017.

However, the money held by Pakistanis through fiduciaries or wealth managers increased by 26percent to CHF 20.1 million- a net addition of only CHF 5.2 million over the preceding year.

The CHF 724 million was the lowest level of deposits retained by Pakistanis since 1996 - the year when the Swiss central bank started tracking the money by nationalities.

Pakistanis have been constantly withdrawing their funds from the Swiss banks since 2015 when Pakistan and Switzerland finalised a revised taxation treaty. Since then, there has been a reduction of 49percent or CHF 723 million in deposits held by Pakistanis, according to the annual report.

Former finance minister Ishaq Dar informed the National Assembly in 2014 that at least $200 billion of Pakistani money was stashed in Swiss banks. In a written reply, Dar had said that the government was engaging with the Swiss authorities to get to the money, hidden away by various Pakistani nationals.

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