The Swiss National Bank has published its interim results as at 31 March 2026, reporting a loss of CHF 0.5 billion for the first quarter of 2026. The result was driven by a loss of CHF 8.2 billion on foreign currency positions, partly offset by a valuation gain of CHF 7.8 billion on gold holdings, alongside a profit of CHF 40.4 million on Swiss franc positions. Foreign currency positions generated interest income of CHF 3.2 billion and dividend income of CHF 0.6 billion, against interest expenses of CHF 0.2 billion, with price losses of CHF 5.3 billion on interest-bearing paper and instruments and CHF 6.3 billion on equity securities and instruments, plus exchange rate-related losses of CHF 0.2 billion. Gold holdings were unchanged in volume terms, with the end-March gold price at CHF 118,400 per kilogram (end-2025: CHF 110,919). The profit on Swiss franc positions largely reflected remuneration of sight deposit account balances and liquidity-absorbing operations, including repo transactions and SNB debt certificates, and the reported loss was before any allocation to provisions for currency reserves, which is determined at year-end under the National Bank Act.
Swiss National Bank 2026-04-23
Swiss National Bank reports CHF 0.5 billion loss for the first quarter of 2026 as foreign currency losses offset gold valuation gains
The Swiss National Bank reported an interim loss of CHF 0.5 billion for the first quarter of 2026, driven by a CHF 8.2 billion loss on foreign currency positions, partly offset by a CHF 7.8 billion valuation gain on gold holdings and a CHF 40.4 million profit on Swiss franc positions. Foreign currency results reflected strong interest and dividend income but significant price and exchange rate-related losses, while profit on Swiss franc positions mainly stemmed from remuneration of sight deposits and liquidity-absorbing operations.