Swiss National Bank posts loss of $3.6B in 2023

By Gokhan Ergocun

ISTANBUL (AA) - The Swiss National Bank (SNB) has posted a loss of 3.2 billion francs ($3.67 billion) for 2023, the bank said on Monday.

The profit on foreign currency positions totaled 4 billion francs ($4.59 billion) while a valuation gain of 1.7 billion francs ($1.95 billion) was recorded on gold holdings, a bank statement said.

Meanwhile, the loss on Swiss franc positions was 8.5 billion francs ($9.8 billion) in 2023.

The bank's operating expenses amounted to 400 million francs ($459 million).

In 2022, the bank's loss was 132.5 billion francs ($145.6 billion) after a net profit of 129.3 billion francs ($142 billion) in 2021.

The Swiss franc / US dollar exchange rate was at 0.87 in 2023, 0.95 in 2022 and 0.91 in 2021.