The appreciation of the currency in 2022 drove the Swiss National Bank (SNB) to a record loss. The federal reserve deficit in the last 12 months amounted to 132 billion francs. informs Der Spiegel magazine, with reference to the statistical data of the republic’s money regulator.
“The appreciation of the franc led to record losses for the Swiss National Bank (SNB) last year. The Federal Reserve ran a deficit of 132 billion francs in 2022, according to preliminary data. This is the biggest loss in the Central Bank’s 115-year history.
For comparison, the Swiss National Bank’s profit in 2021 amounted to 26.3 billion francs. That year, federal government and cantonal officials received a payment of 6 billion francs, and shareholders received a dividend of 15 francs per security.
In 2023, regulator management plans to refuse cash payments due to negative financial results in 2022. The note states that until recently, analysts recorded the domestic Central Bank’s biggest loss in 2015, when losses amounted to 23 billion francs.
On October 3, the management of another Swiss bank, Credit Suisse – stated about financial difficulties. Ulrich Kerner, CEO of the financial institution, later announced that a “critical moment” had begun. A year ago, Credit Suisse’s market cap was $22.3 billion, now just $10.4 billion. Over the past year, the financial institution’s shares have fallen by 56.2%.