Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Swiss National Bank loses $3.6 billion in 2023

Swiss National Bank loses $3.6 billion in 2023

ZURICH (Reuters) -The Swiss National Bank posted an annual loss of 3.2 billion Swiss francs ($3.62 billion) for 2023, the central bank said on Monday, as the switch to positive interest rates cost it dearly.

The central bank made a loss of 8.5 billion francs on its Swiss franc positions, mainly caused by paying out interest to the sight deposits it holds for commercial banks overnight.

The SNB switched to positive rates in September 2022 to fight resurgent inflation after a long period of negative interest rates, and has had a policy rate of 1.75% since June last year.

The SNB made a profit of 4 billion francs from its foreign currency positions, although earnings and valuation gains from its stock and bond portfolio were significantly reduced by the appreciation of the Swiss franc during the year.

The central bank also made a valuation gain of 1.7 billion francs on the 1,040 tonnes of gold it holds.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

The 2023 result, which confirmed the SNB’s provisional forecast in January, was an improvement from the record 132.5 billion franc loss the central bank posted in 2022.

($1 = 0.8828 Swiss francs)

(Reporting by John Revill, Editing by Rachel More)


Recent Post: