The Swiss National Bank reports a loss of CHF 0.5 billion for the first quarter of 2026.

The loss on foreign currency positions amounted to CHF 8.2 billion. A valuation gain of CHF 7.8 billion was recorded on gold holdings. The profit on Swiss franc positions was CHF 40.4 million.

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 was CHF 8.2 billion. Interest and dividend income amounted to CHF 3.2 billion and CHF 0.6 billion respectively, while interest expenses stood at CHF 0.2 billion. Price losses of CHF 5.3 billion were recorded on interest-bearing paper and instruments, and CHF 6.3 billion in price losses were recorded on equity securities and instruments. Exchange rate-related losses totalled CHF 0.2 billion.

Valuation gain on gold holdings

A valuation gain of CHF 7.8 billion was recorded on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 118,400 per kilogram at the end of March 2026 (end-2025: CHF 110,919).

Profit on Swiss franc positions

The profit on Swiss franc positions totalled CHF 40.4 million. This largely resulted from the remuneration of sight deposit account balances and from liquidity-absorbing operations. The SNB absorbs liquidity with repo transactions and SNB debt certificates.

Provisions for currency reserves

As at end-March 2026, the SNB recorded a loss of CHF 0.5 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.