Swiss National Bank posts $15 billion loss during second quarter

Reuters| July 31, 2023

The Swiss National Bank on Monday posted a second quarter loss of 13.20 billion Swiss francs ($15.14 billion) as interest rate hikes by other central banks dented the value of its massive bond holdings.

The SNB lost 8.08 billion francs on its foreign currency positions of 742 billion francs as bond prices fell as investors feared more interest rate hikes by the U.S. Federal Reserve, European Central Bank and others.

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