Articles
Swiss National Bank's Shocking Q2 Loss: Examining the Damage
The Swiss National Bank lost 8.08 billion francs on its 742 billion franc foreign currency assets.
Swiss National Bank's Shocking Q2 Loss: Examining the Damage
The Swiss National Bank reported a second quarter loss of 13.20 billion Swiss francs ($15.14 billion), as interest rate increases by other central banks reduced the value of its sizable bond holdings.
Bond prices declined as investors worried further interest rate increases by the US Federal Reserve, the European Central Bank, and others. As a result, the Swiss National Bank lost 8.08 billion francs on its 742 billion franc foreign currency assets.
The value of the 1,040 tonnes
of gold held by the Swiss central bank decreased due to the lower price of the
precious metal during the three months leading up to the end of June, resulting
in a loss of 3.14 billion francs.
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