Swiss National Bank Reports $15 Billion Loss in Second Quarter
The Swiss National Bank reports a 5 billion loss in Q2 2023, driven by currency losses and declining bond valuations amid global monetary tightening.
The Swiss National Bank SNBN.S 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.
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