The Swiss National Bank (SNB) has taken a hit of CHF95.2 billion ($100 billion) for the first half of this year, mainly owing to losses on foreign currency positions.
This content was published on
1 minute
Keystone-SDA/ts
Español
es
El Banco Nacional Suizo registra fuertes pérdidas en primer semestre del año
After a loss of CHF32.8 billion in the first quarter, another CHF62.4 billion was added in the second quarter. High losses had been expected, but the figure is higher than economists had predicted.
While the foreign currency positions lost CHF97.4 billion, the gold holdings, which remained unchanged in volume terms, showed a valuation gain of CHF2.4 billion. On the Swiss franc positions the central bank achieved a small gain of CHF35.1 million.
As usual, the SNB emphasised that its results depend largely on developments in the gold, foreign exchange and capital markets. “Strong fluctuations are therefore to be expected, and only provisional conclusions are possible as regards the annual result,” it said in a statementExternal link on Friday.
In 2021 as a whole, for example, the SNB posted a profit of over CHF26 billion at the end of the year, with the first and second quarters being positive and the third and fourth quarters negative. In 2020, profit was CHF20 billion.
However, there are also years with significant losses, mainly owing to a weak stock market performance or a very strong franc. In 2015 and 2018, for example, the SNB had to post losses of over CHF23 billion and almost CHF15 billion respectively.
Popular Stories
More
Banking & Fintech
UBS releases ‘hundreds’ of staff in fresh wave of job cuts
Should Switzerland take measures to support its struggling industries?
Industrial policies are back in fashion, not only in the United States but also in the EU. Should Switzerland, where various industries are struggling, draw inspiration from such policies?
As a Swiss Abroad, how do you feel about the emergence of more conservative family policies in some US states?
In recent years several US states have adopted more conservative policies on family issues, abortion and education. As a Swiss citizen living there, how do you view this development?
This content was published on
A committee of Switzerland’s House of Representatives has found the people’s initiative to limit fireworks too extreme, but has suggested a counter-proposal.
UN investigators report evidence of crimes in Syria and call for national dialogue
This content was published on
UN investigators in Geneva report ample evidence of crimes in Syria and urge the regime to follow through on its promise of a national dialogue.
Swiss Trade Union warns EU deal could threaten wages
This content was published on
The Swiss Trade Union Federation warns that the new bilateral agreement between Switzerland and the EU could threaten wage protection and public services.
Credit Suisse fines from Mozambique scandal to fund victims’ compensation
This content was published on
The fines imposed on Credit Suisse for the Mozambique scandal will be allocated to a fund for the victims, amounting to $105.5 million.
‘Confederation is a subsidy machine’: Swiss finance minister
This content was published on
The Swiss government is a machine for distributing subsidies to various actors in the country, says finance minister Karin Keller-Sutter.
Lack of funds ends third bid to salvage Säntis ship from Swiss lake
This content was published on
A third attempt to salvage the steamship Säntis, lying at the bottom of Lake Constance in Switzerland since 1933, has failed before it has even begun.
Nestlé Waters on trial in France over illegal waste dumps
This content was published on
Bottled water producer Nestlé Waters to stand trial, accused of illegally dumping waste and maintaining unauthorised dumps.
Swiss lower economic growth forecasts due to war and inflation
This content was published on
Switzerland has downgraded its economic growth forecast for 2022 to 2.6% due to the war in Ukraine and uncertainties in China.
Swiss central bank rejects ‘creative’ demands to change course
This content was published on
The Swiss National Bank beats off demands to fight inflation by raising interest rates and to distribute more reserves to cantons and other causes.
Geldcast update: the Swiss National Bank denies accusations of sexism
This content was published on
A Swiss National Bank official has rejected allegations of sexism and discrimination in the workplace as “simply incorrect”.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.