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 posts $15 billion loss during second quarter

Swiss National Bank posts $15 billion loss during second quarter

ZURICH (Reuters) – The Swiss National Bank posted a second quarter loss of 13.20 billion Swiss francs ($15.14 billion), it said on Monday, as interest rate hikes by other central banks dented the value of its massive bond holdings.

The SNB lost 8.08 billion francs on its foreign currency positions of 742 billion francs, as bond prices fell as investors feared more interest rate hikes by the U.S. Federal Reserve, European Central Bank and others.

The Swiss central bank also lost 3.14 billion francs on its gold holdings in the three months to the end of June, as the lower gold price cut the value of the 1,040 tonnes of the precious metal it holds.

($1 = 0.8716 Swiss francs)

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.


(Reporting by John Revill, Editing by Rachel More)


Recent Post: