The Sundaytimes Sri Lanka

$27.1 million belonging to Maldivians in Swiss Banks


HAVEERU ONLINE, June 25 – The annual report published by Switzerland’s National Bank has revealed that an amount of 26.02 million Swiss Francs (CHF), (US$27.1 million) belonging to Maldivians has been deposited in several banks in the country.

The annual report for the year 2011 which was prepared based on the transactions of the Bank for International Settlements (BIS) shows that Swiss banks had issued loans worth CHF13.76 million ($14.4 million) to the Maldives in the year 2011, however the loans issued to the government and individuals were not listed in detail.

Statistics show that deposits by Maldivians in Swiss banks increased by 35.5 per cent last year compared to 2010 when only CHF19.20 million deposited in Swiss banks belonged to Maldivians.The annual report contained data beginning from 2002 and shows that deposits by Maldivians in Swiss banks was the highest in 2008 during which CHF29.27 million was deposited in several Swiss banks. In 2007 deposits by Maldivians amounted to CHF25.4 million. Before deposits increased in 2008, looking back at the 10 years before, deposits had only increased in 2002 to CHF28.5 million.

Shedding light on the loans issued to the Maldives statistics show that the amount issued in loans had decreased by 23.5 per cent in 2011 compared to 2010. Swiss banks had issued CHF17.9 million ($18.6 million) in loans in 2010. Most loans were issued in 2008 during which CHF29.3 million ($30.5 million) was issued in loans to the Maldives after which most loans were issued in 2002 amounting at CHF28.5 million.

Around 58 central banks from several countries are members of the Bank for International Settlements (BIS) however the Maldives Monetary Authority (MMA), the central bank of the Maldives is not a member of the bank. BIS is not an institution that can be held accountable by any government.

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