The Swiss National Bank (SNB) has reported a loss of CHF 15.3 billion for the first half of 2025. The financial results were influenced by various market developments, including foreign currency positions, gold holdings, and Swiss franc positions.
The SNB experienced a significant loss on foreign currency positions amounting to CHF 22.7 billion. Interest and dividend income from these positions were CHF 6.2 billion and CHF 1.6 billion respectively, while interest expenses reached CHF 0.5 billion. Price gains were recorded at CHF 3.9 billion on interest-bearing paper and instruments, and CHF 10.0 billion on equity securities and instruments. However, exchange rate-related losses totaled CHF 43.9 billion.
A valuation gain of CHF 8.6 billion was noted on gold holdings, which remained unchanged in volume terms during this period. Gold was priced at CHF 84,247 per kilogram at the end of June 2025 compared to CHF 76,011 at the end of 2024.
The SNB also reported a loss of CHF 1.0 billion on Swiss franc positions, primarily due to the remuneration of sight deposit account balances amounting to CHF 0.7 billion and additional interest expenses of CHF 0.2 billion from liquidity-absorbing operations.
By the end of June 2025, before allocating provisions for currency reserves as required by art. 30 para. 1 of the National Bank Act (NBA), the SNB’s loss stood at CHF 15.3 billion.
Information from this article can be found here.
