Skip to content
Subscriber Only

SNB Suffers Record 23 Billion-Franc Loss on Strong Currency

  • Federal government, cantons to receive their customary payout
  • Franc rose vs. euro after SNB gave up cap on franc in January
Updated on

The Swiss National Bank estimates that it incurred a record loss of 23 billion francs ($23 billion) last year after it abandoned its currency cap.

The appreciation of the franc that followed the Jan. 15 decision resulted in a loss of 20 billion francs on its foreign-currency positions, the central bank said in a statement on Friday based on preliminary calculations. It said it would still pay a dividend of 15 francs per share and distribute 1 billion francs to the federal government and cantons.