The Swiss National Bank posted a loss for the first nine months of the year as the appreciation of the Swiss franc and rising interest rates hit its investments in gold, foreign exchange and capital markets.
Switzerland’s central bank posted a loss of 142.37 billion Swiss francs ($142.94 billion) for the first nine months of the year, it said in a statement Monday. The bank made a CHF41.43 billion profit the same period a year earlier.
The loss on foreign currency positions amounted to CHF141 billion, while there was also a valuation loss of CHF1.1 billion on gold holdings.
“The SNB’s financial result depends largely on developments in the gold, foreign exchange and capital markets,” the central bank said. “This means that extreme fluctuations cannot be ruled out,” it said.
Write to Xavier Fontdegloria at [email protected]
