Foreign exchange reserves
The list below offers an overview of the composition of the SNB’s foreign exchange reserves.
Breakdown of investments at the end of Q2 2026
As at 30 June 2026, the key asset allocation data for the foreign exchange reserves was as follows (previous quarter’s figures in brackets):
| Allocation | Foreign exchange reserves |
|---|---|
| Currencies, incl. derivatives | |
| USD | 37% (37%) |
| EUR | 39% (39%) |
| JPY | 7% (7%) |
| GBP | 6% (6%) |
| CAD | 3% (3%) |
| Other (1) | 8% (8%) |
| Asset classes | |
| Investments with banks | 0% (0%) |
| Government bonds (2) | 61% (61%) |
| Other bonds (3) | 11% (11%) |
| Equities | 28% (28%) |
| Fixed income assets (4) | |
| AAA-rated | 36% (36%) |
| AA-rated | 32% (33%) |
| A-rated | 27% (26%) |
| Other | 5% (5%) |
| Investment duration (years) | 6.1 (6) |
(1) Mainly AUD, CNY, DKK, HKD, KRW, SEK and SGD plus small holdings in additional currencies in the equity portfolios.
(2) Government bonds in their own currencies, deposits with central banks and BIS.
(3) Government bonds in foreign currency, covered bonds, bonds issued by foreign local authorities, supranational organisations, corporate bonds, etc.
(4) Average rating, calculated from the ratings of leading credit rating agencies.
Equities are managed on a purely passive basis, whereby broad market indices of advanced and emerging economies are replicated. Exchange rate and interest rate risks are managed using derivative instruments such as interest rate swaps, interest rate futures, forward foreign exchange transactions and foreign exchange options. In addition, futures on equity indices are used to manage the equity investments.
The investment structure at year-end is also published in the Annual Report under 'Asset management'.