AGL 40.08 Increased By ▲ 0.08 (0.2%)
AIRLINK 131.50 Increased By ▲ 1.97 (1.52%)
BOP 6.88 Increased By ▲ 0.20 (2.99%)
CNERGY 4.53 Decreased By ▼ -0.10 (-2.16%)
DCL 8.82 Decreased By ▼ -0.12 (-1.34%)
DFML 42.10 Increased By ▲ 0.41 (0.98%)
DGKC 83.60 Decreased By ▼ -0.17 (-0.2%)
FCCL 32.94 Increased By ▲ 0.17 (0.52%)
FFBL 77.00 Increased By ▲ 1.53 (2.03%)
FFL 11.90 Increased By ▲ 0.43 (3.75%)
HUBC 109.97 Decreased By ▼ -0.58 (-0.52%)
HUMNL 14.28 Decreased By ▼ -0.28 (-1.92%)
KEL 5.50 Increased By ▲ 0.11 (2.04%)
KOSM 8.24 Decreased By ▼ -0.16 (-1.9%)
MLCF 39.30 Decreased By ▼ -0.49 (-1.23%)
NBP 64.94 Increased By ▲ 4.65 (7.71%)
OGDC 197.99 Decreased By ▼ -1.67 (-0.84%)
PAEL 25.91 Decreased By ▼ -0.74 (-2.78%)
PIBTL 7.71 Increased By ▲ 0.05 (0.65%)
PPL 157.25 Decreased By ▼ -0.67 (-0.42%)
PRL 26.09 Decreased By ▼ -0.64 (-2.39%)
PTC 17.96 Decreased By ▼ -0.50 (-2.71%)
SEARL 81.90 Decreased By ▼ -0.54 (-0.66%)
TELE 8.09 Decreased By ▼ -0.22 (-2.65%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 8.75 Decreased By ▼ -0.31 (-3.42%)
TREET 16.80 Decreased By ▼ -0.67 (-3.84%)
TRG 59.26 Decreased By ▼ -2.06 (-3.36%)
UNITY 27.70 Increased By ▲ 0.27 (0.98%)
WTL 1.45 Increased By ▲ 0.07 (5.07%)
BR100 10,618 Increased By 211.3 (2.03%)
BR30 31,663 Decreased By -50.1 (-0.16%)
KSE100 99,125 Increased By 1797 (1.85%)
KSE30 30,881 Increased By 689 (2.28%)

ZURICH: The Swiss National Bank on Tuesday posted a 12.04 billion franc ($13.36 billion) loss for the third quarter as the central bank lost money on its gold, foreign currency investments and Swiss franc positions.

The SNB lost 9.16 billion francs from its foreign currency positions during the three months to the end of September, as bond and equity prices fell on concerns that global interest rates would remain higher for longer.

It also made a valuation loss of 132 million francs on the 1,040 metric tons of gold it holds, as global gold prices fell.

In addition, the central bank reported a 2.66 billion franc loss from Swiss franc positions, mainly as a result of interest paid to commercial banks.

During the first nine months of the year, the SNB paid 5.4 billion francs in interest to commercial banks for money they lodge with the central bank overnight.

On Monday, the SNB said it was reducing this interest after costs soared since negative rates turned positive in Sept. 2022.

Swiss National Bank posts $15 billion loss during second quarter

As a result of the downturn in all three categories, the SNB’s nine month profit shrank to 1.7 billion francs from the 13.7 billion francs reported for the first half of the year.

The SNB’s results have been highly volatile in recent years, due to the vast level of foreign currency investments it built up during a long campaign to weaken the Swiss franc.

“The SNB’s financial result depends largely on developments in the gold, foreign exchange and capital markets. Strong fluctuations are therefore to be expected, and only provisional conclusions are possible as regards the annual result,” it said on Tuesday.

The central bank posted a 132.5 billion Swiss franc loss in 2022, the biggest in the central bank’s 115-year-history.

Comments

Comments are closed.