The Swiss National Bank SNBN.S posted an annual loss of 3.2 billion Swiss francs ($3.62 billion) for 2023, the central bank said on Monday, as the switch to positive interest rates cost it dearly.
Valuation gains from the SNB’s gold holdings and interest paid on the emergency loans granted during the emergency rescue of Credit Suisse could not offset the cost of the central bank pursuing a tighter monetary policy to tackle inflation.
During 2023 the SNB bank made a loss of 8.5 billion francs on its Swiss franc positions, mainly caused by interest paid on the sight deposits it holds for commercial banks overnight.
Profits from the SNB’s near 700 billion francs worth of foreign bonds and stocks were also massively shrunk by the appreciation of the Swiss franc during the year.
The 2023 result, which confirmed the SNB’s provisional forecast in january, was an improvement from the record 132.5 billion franc loss the central bank posted in 2022.
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