The Swiss National Bank (SNB) has reported a loss of CHF33bn (€30.4bn) over the past nine months, highlighting the impact of its decision to abandone the fixed exchange rate between franc and euro at the beginning of 2015.
The current figures mark an improvement compared to results for the first half of 2015, when the SNB reported a loss of CHF50.1bn (€47.36bn), compared to a CHF31.3bn (€28.83bn) loss on foreign currency positions over the nine month period.
Quarterly results suggest that the SNB’s financial situation improved in Q3, with net results on foreign currency positions improving from CHF-17.9bn (€-16.43bn) in Q2 to CHF15.9bn (€14.60) in Q3.
The SNB’s composition of foreign currency reserves has remained largely unchanged since June, euro reserves remain at 42%, US dollar at 33% compared to 32% in June.
However, the gradual appreciation of the Euro and Dollar over the past months worked in the SNB’s favour.
As of 30 September, the euro lost 9.3% yoy value and the dollar 1.7% yoy against the Swiss franc, whereas the euro stood at -13.3% and the dollar at -6.2% against the Franc in 30 June 2015.