Fastest News Updates around the World

The Swiss National Bank recorded the largest loss in its history

0

- Advertisement -

The Swiss National Bank recorded an annual loss of CHF 132 billion, equivalent to US$143 billion, in 2022, the largest loss in its 115-year history.

The downturn in the stock and bond markets weighed on the value of his stock and bond portfolio, and the strengthening of the Swiss franc had a negative impact, according to a Bloomberg report.

The agency indicated that the Swiss government will not receive payments from the Swiss National Bank for 2022 in light of these losses, while in comparison, the Swiss National Bank paid out 6 billion francs last year.

And according to what was revealed by the Swiss National Bank in a report that includes preliminary results for 2022 that it released yesterday, Monday, the largest part of those losses of 131 billion francs are due to falling valuations of its major foreign currency. the holdings that were accumulated from decades of buying to weaken the franc.

Losses for 2022 represent a decline from a profit of 26 billion francs recorded in 2021 and much larger than the previous record loss of 23 billion francs recorded in 2015.

Losses in 2022 (about $143 billion) exceed the annual GDP of the Arab countries, for example, the size of the Moroccan economy in 2021 amounted to about $142.9 billion.

The Swiss National Bank is due to release detailed annual data on March 6.

Source: RT + Bloomberg

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More