The Swiss National Bank (SNB) slipped well into the red in the first half of 2025. In particular, the weakening US dollar since the start of the tariff turbulence at the beginning of April had a negative impact on the result. +Get the most important news from Switzerland in your inbox Overall, the SNB recorded a loss of CHF15.3 billion ($18.8 billion) in the period from January to June of the current year. According to a statement issued on Thursday, the SNB posted a loss of CHF22.7 billion on its foreign currency positions, while its gold holdings, which remained unchanged in terms of volume, recorded a valuation gain of CHF8.6 billion. Meanwhile, a loss of CHF1 billion was recorded on Swiss franc positions. After a profit of CHF6.7 billion in the first quarter, this results in a loss of CHF22 billion for the second quarter of the year. The SNB even posted a loss of CHF4.2 billion on its gold positions in the second quarter due to the weak dollar. The weakness of the dollar ...
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