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22. Borrowingsin CHF millions 2023 2022CurrentBank overdraft 4.5 14.4 Bank borrowings 162.2 136.0 Bankers acceptance and promissory notes 45.2 4.9 Total borrowings current 211.9 155.3 Non-currentBank loans 468.8 523.4 Total borrowings non-current 468.8 523.4 Total borrowings current and non-current 680.7 678.7 Weighted average effective interest rates on borrowings 3.5% 3.0%As of December 31, 2023, the Group has undrawn committed and uncommitted bank borrowings and guarantee facilities amounting to CHF 909.0 million (2022: CHF 920.2 million). Bank loans and borrowings are entered into locally by subsidiaries, at commercial terms prevailing in the local environment and might be subject to standard financial and non-financial covenants.The table below analyzes the cash and non-cash changes of current and non-current borrowings:in CHF millions 2023 2022As of January 1 678.7 306.4 Cash flowsNet proceeds/repayments 39.0 387.2 Non-cash changesAcquisitions 0.0 1.9 Exchange differences (37.0) (16.8) As of December 31 680.7 678.7 The cash and non-cash changes of lease liabilities are included in Note 18 and the financing cash flows for leases are presented separately as repayment of leases in the cash flow statement.DKSH Annual Report 2023 91