SWISS NET CAPITAL EXPORTS RISE IN 1986

  Increased activity by Switzerland's
  banks pushed net capital exports to a provisional 11.7 billion
  francs last year from 10.0 billion in 1985, the National Bank
  said in a pre-publication copy of its annual report.
      It also said the current account surplus of the Swiss
  balance of payments reached a provisional 13.5 billion francs
  last year, from 12.8 billion in 1985.
      The National Bank's currency reserves rose by 1.8 billion
  francs, against a 2.8 billion rise in 1985. However, taking
  into accounts effects of the shift in exchange rates, reserves
  actually fell in value by 1.9 billion.
      The banks' net capital exports climbed to 5.4 billion
  francs, from 5.1 billion in 1985, while capital exports by
  domestic non-banks fell to 5.0 billion from 9.1 billion.
      The National Bank gave the following figures (1985 in
  brackets)
      Current Account +13.5 billion (+12.8 in 1985), made up of:
      Goods                     -7.1 (-8.7)
      Services                  +10.1 (+9.8)
      Factor Income             +12.5 (+13.7)
      Transfers                 -2.0 (-2.0)
   Capital Account -11.7 billion (-10.0 in 1985) made up of
      Direct Investment                          N/A  (-6.3)
      Portfolio Investment                       N/A  (-2.8)
      Capital Traffic of Banks                  -10.4 (-14.2)
      Other Capital Traffic Included             N/A  (+5.6)
      Traffic not Included and Statistical Error N/A  (+7.7)
      Change in Currency Reserves of the National Bank +1.8
  (+2.8)
      Interest Income on Foreign Currency        +2.4 (+3.4)
      Foreign Currency Transactions              -0.6 (-0.6)
  

