Euro investments push central bank into red

The Swiss National Bank (SNB) reports a loss of SFr2.8 billion ($2.67 billion) for the first half of the year, a result which is better than it expected.

This content was published on August 13, 2010 - 09:17

The bank’s first-half figures were affected by valuation losses in investments in euros, carried out to try to prevent the strong Swiss franc from further appreciation.

Total exchange rate losses for the period totalled SFr14.3 billion.

In a statement on Friday, the bank said the extent of the loss was limited by the rise in the price of gold and earnings on foreign currency investments.

The stabilisation fund for Swiss bank UBS contributed a profit of SFr1.3 billion to the result.

In July, the SNB said it was expecting a first-half loss of SFr4 billion but this did not take into account profit from the stabilisation fund.

The bank made a profit of SFr5.2 billion in the same period last year. and agencies

This article was automatically imported from our old content management system. If you see any display errors, please let us know:

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

Contributions under this article have been turned off. You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at

Share this story

Change your password

Do you really want to delete your profile?