Record loss at the Swiss National Bank!
The Swiss National Bank (SNB) is flying from one negative record to the next: after a minus of 32.8 billion in the first quarter and 62.4 billion in the second quarter, another 47.2 billion is added in the third quarter of the year, the SNB calculates. This brings it to a loss of 142.4 billion francs from January to September 2022. This is the largest loss in the SNB’s 115-year history.
This is mainly due to the huge mountain of foreign currencies (especially the weak euro) held by the Swiss National Bank. At the end of the third quarter, foreign currency assets piled up to over 800 billion francs. Such a huge balance sheet can make for huge profits – or, as has been the case this year, a big loss just as quickly.
Read More: https://www.bloomberg.com/news/articles/2022-10-31/snb-s-143-billion-9-month-loss-casts-doubt-on-government-payout