Sri Lankan money in Swiss banks

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Sri Lankan money in Swiss banks: 2002-2010

Swiss Francs 85 Million Invested In Swiss Banks By Sri Lankans Last Year (2011)

July 1, 2012 | | Posted by: COLOMBO_TELEGRAPH

By Feizal Samath –

Colombo Telegraph

Investments by Sri Lankan individuals, companies or the Sri Lankan government in secret Swiss accounts totalled more than 85 million Swiss francs (CHF) in 2011 while liabilities listed against Sri Lanka were 44 million in the same year, official data from the Swiss National Bank (SNB) show.

The Swiss franc is higher or equal in value against the US dollar (1CHF = 1.048 US$). SNB is Switzerland’s central bank. Assets and liabilities of more than 200 countries are listed from 2002 to 2011, in SNB’s latest 2011 annual report.

In 2002, Sri Lanka’s assets in all Swiss banks totalled 22.9 million CHF, 2003 – 34.7 million, 2004 – 105.5 million, 2005 – 177.6 million, 2006 – 56.5 million, 2007 – 123.5 million, 2008 – 104.8 million, 2009 – 87.5 million and 2010 – 111.3 million.

Under this category, most of the investments were made in savings accounts.

Liabilities were 2002 – 36.3 million, 2003 – 84 million, 2004 – 205.4 million, 2005 – 206.2 million, 2006 – 166.8 million, 2007 – 171.4 million, 2008 – 53.1 million, 2009 – 50.7 million and 2010 – 51.9 million.The figures also showed that Sri Lankan banks had invested CHF 12.3 million, 12.3, 24.2, 78.4, 41.5, 94.1, 60.6, 82.1, 85.7, and 77.7 from 2002 to 2011.

In comparison, Bangladesh with a larger population (about 150 million) than Sri Lanka had lesser investments.

Its highest asset-year was 2005 – CHF 94.4 million and lowest in 2006 – CHF 22.2 million. Its liabilities were, however, as high as Sri Lanka at CHF 243 million in 2007.

Below is the SNB web link with the details of assets and liabilities of all countries:

Swiss National Bank

See also

Indian money in foreign banks

Indian money in HSBC, Switzerland

Indian money in Liechtenstein banks

Sri Lankan money in Swiss banks