The central bank took a massive hit on its large pile of foreign currency holdings as the Swiss franc strengthened.
The Swiss National Bank expects a $143 billion loss for the 2022 financial year, the biggest loss in its 116-year history.
It lost 131 billion francs on foreign currency positions and 1 billion on Swiss franc positions as the franc gained.The Swiss national flag hangs from the Federal Palace, Switzerland's parliament building, in Bern, Switzerland, on Thursday, Dec. 13, 2018. The Swiss National Bank cut its inflation forecast and showed no inclination of moving off its crisis-era settings, citing the francs strength and mounting global risks.
It represents the biggest loss in the central bank's 116-year history and equates to roughly 18% of Switzerland'sgross domestic product of 744.5 billion Swiss francs. Its previous record loss was 23 billion francs in 2015. As a result it will not make its usual payouts to the Swiss government and member states, it said, with payments to its shareholders also set to be affected. In 2021, the bankOf the losses, 131 billion francs came from its foreign currency positions and 1 billion from itspositions amid strong gains made by the franc as investors flocked to the perceived safe haven amid European volatility.
Since June 2022, the Swiss franc has been trading above one euro, a level it had previously only briefly touched in 2015 after
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