Zurich, 31 October 2022
The Swiss National Bank reports a loss of CHF 142.4 billion for the first three quarters
of 2022.
The loss on foreign currency positions amounted to CHF 141.0 billion. A valuation loss
of CHF 1.1 billion was recorded on gold holdings. The loss on Swiss franc positions was
CHF 24.1 million.
The SNB’s financial result depends largely on developments in the gold, foreign exchange and
capital markets. This means that extreme fluctuations cannot be ruled out. Only provisional
conclusions are possible as regards the annual result
Loss on foreign currency positions
The loss on foreign currency positions totalled CHF 141.0 billion.
Interest and dividend income amounted to CHF 5.1 billion and CHF 3.4 billion respectively.
Price losses of CHF 70.9 billion were recorded on interest-bearing paper and instruments, and
CHF 54.2 billion in price losses were recorded on equity securities and instruments. Exchange
rate-related losses totalled CHF 24.4 billion.
Valuation loss on gold holdings
A valuation loss of CHF 1.1 billion was recorded on gold holdings, which remained unchanged
in volume terms. Gold was trading at CHF 52,525 per kilogram at the end of September 2022
(end-2021: CHF 53,548)
Loss on Swiss franc positions
The loss on Swiss franc positions totalled CHF 24.1 million. The negative interest charged on
sight deposit account balances until 22 September 2022 was countered in particular by price
losses on interest-bearing paper and instruments
Provisions for currency reserves
As at end-September 2022, the SNB recorded a loss of CHF 142.4 billion, before the allocation
to the provisions for currency reserves.
In accordance with art. 30 para. 1 of the National Bank Act (NBA), the SNB is required to
set aside provisions permitting it to maintain the currency reserves at the level necessary
for monetary policy. The allocation for the current financial year is determined at the end
of the year.
