The Swiss National Bank (SNB) posted a loss of 15,3 billion francs for the first half of 2025, according to figures published on Thursday.

Loss on Foreign Currency Positions

The loss on foreign currency positions totaled 22,7 billion francs. Interest and dividend income amounted to 6,2 billion francs and 1,6 billion francs respectively, while interest expenses stood at 0,5 billion francs. There were valuation gains of 3,9 billion francs on interest-bearing securities and instruments, and 10,0 billion francs on equity securities and instruments. However, exchange rate losses amounted to 43,9 billion francs in total.

Negative Result on Swiss Franc Positions

The loss on Swiss franc positions came to 1,0 billion francs. This was mainly due to interest expenses of 0,7 billion francs for sight deposits held on giro accounts. An additional 0,2 billion francs in interest expenses arose from liquidity-absorbing operations. The SNB absorbs liquidity through repo transactions and its own debt certificates.

Valuation Gain on Gold Holdings

According to the report, the quantity of gold held remained unchanged. However, a valuation gain of 8,6 billion francs was recorded. As of the end of June 2025, gold was trading at 84,247 francs per kilogram (end of 2024: 76,011 francs).

The SNB emphasized that its results depend primarily on developments in the gold, foreign exchange, and capital markets. Strong fluctuations are therefore the norm, and the half-year result provides only limited insight into the annual outcome.