Swiss National Bank expects mid-year loss

SNB Zürich

SNB Zürich

Swiss National Bank expects mid-year loss

The expected loss is around CHF 4 billion and is mostly due to the appreciation of the Swiss Franc against the Euro.

Of the increase of CHF 132 billion in foreign currency investments the bulk was in Euro leading to a loss of over CHF 14 billion. The income from other currency positions and the rising gold price limited the SNB’s half-yearly loss to around CHF 4 billion.

The Stabfund results are not included but are expected to make a significant positive contribution.

The definite half-yearly results will be available from August 13, 2010.

Source: SNB