South Africans have more than ZAR30 billion tucked away in the Swiss banking system, slightly up from the 2.21 billion francs recorded in 2015.
As reported by Business Tech, Switzerland National Bank data recorded a marked shift in South African exposure to the Swiss banking system over the past decade. South African banks hold 529 million francs in Swiss banks, while private clients hold 1.47 billion francs. The remaining 122 million francs are listed as ‘other’, while fiduciaries (wealth managers) account for 91.7 million francs. Local banks reduced their exposure by 67%, while private clients increased theirs by 58% between 2007 and 2016.
South Africa accounts for just 0.15% of total foreign currency exposure – down from 0.23% a couple of years ago.
