The Swiss National Bank reports a loss of CHF 15.3 billion for the first half of 2025.

The loss on foreign currency positions amounted to CHF 22.7 billion. A valuation gain of CHF 8.6 billion was recorded on gold holdings. The loss on Swiss franc positions was CHF 1.0 billion.

The SNB's financial result depends largely on developments in the gold, foreign exchange and capital markets. Strong fluctuations are therefore to be expected, and only provisional conclusions are possible as regards the annual result.

Loss on foreign currency positions

The loss on foreign currency positions totalled CHF 22.7 billion. Interest and dividend income amounted to CHF 6.2 billion and CHF 1.6 billion respectively, while interest expenses stood at CHF 0.5 billion. Price gains of CHF 3.9 billion were recorded on interest-bearing paper and instruments, and CHF 10.0 billion in price gains were recorded on equity securities and instruments. Exchange rate-related losses totalled CHF 43.9 billion.

Valuation gain on gold holdings

A valuation gain of CHF 8.6 billion was recorded on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 84,247 per kilogram at the end of June 2025 (end-2024: CHF 76,011).

Loss on Swiss franc positions

The loss on Swiss franc positions totalled CHF 1.0 billion. This largely resulted from the CHF 0.7 billion in remuneration of sight deposit account balances. Additional interest expenses of CHF 0.2 billion arose from liquidity-absorbing operations. The SNB absorbs liquidity with repo transactions and SNB debt certificates.

Provisions for currency reserves

As at end-June 2025, the SNB recorded a loss of CHF 15.3 billion before the allocation to the provisions for currency reserves.

In accordance with art. 30 para. 1 of the National Bank Act (NBA), the SNB is required to set aside provisions permitting it to maintain the currency reserves at the level necessary for monetary policy. The allocation for the current financial year is determined at the end of the year.