Swiss central bank hit by 15 billion franc losses

The Swiss National Bank (SNB) reported a loss of 15.3 billion francs in the first half, which decreased from foreign currency positions that became significantly negative in the second quarter.

After marking a profit of 6.7 billion francs in the first three months of the year, the central bank registered a loss of 22 billion francs between April and June, erasing previous and more of the profits broadcasts albinfo.ch.

The result was generally in line with expectations. Some economists had predicted losses for the second quarter between 17 billion and 27 billion CHF. Much of the damage came from an American dollar to weakness. The SNB holds about 300 billion CHF in assets denounced in dollars, whose value declined as the dollar fell against the growing Swiss franc. Even the gold, which was raised at the prize, could not do more than ease its dollar-priced blow to the exchange rate.

The Dollar was not the only cause of loss. The continued strengthening of francs against the euro also had consequences, leading to major currency losses of nearly 44 billion CHF in the first half of the year.

The Swiss franc has remained strong despite that the SNB lowered its base rate to zero in June 2025, broadcasts albinfo.ch.

These losses on paper may have consequences beyond the central bank itself. Cantonal governments, accustomed to receiving distribution from SNB profits, can again be found empty-handed.

The SNB, in turn, kept a calm tone. In a statement released Thursday, she reminded observers that its results are mainly guided by fluctuations in gold markets, currency exchange and capital. As for the full annual performance, the bank noted that drawing conclusions at this stage would be premature. /alinfo/Periscope.