Finance
Swiss Central Bank Posts Q1 Loss of 500 Million Swiss Francs
Published by Global Banking & Finance Review®
Posted on April 23, 2026
2 min readLast updated: April 23, 2026
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The Swiss National Bank (SNB) reported a Q1 loss of CHF 500 million (~USD 637 million) as gains from gold were outweighed by an CHF 8.2 billion loss on foreign currency holdings.
Swiss central bank posts Q1 loss of 498 million Swiss francs
Swiss National Bank Q1 2024 Financial Results Overview
Q1 Loss Driven by Foreign Currency Holdings
ZURICH, April 23 (Reuters) - The Swiss National Bank made a loss of 498 million Swiss francs ($634.15 million) for the first quarter, the central bank said on Thursday, as gains in gold prices were cancelled out by declines in the value of its foreign currency holdings.
Decline in Value of Shares and Bonds
The SNB incurred a loss of 8.2 billion francs on its investments held in foreign currencies, triggered mainly by a decline in the value of shares and bonds.
Impact of Interest Rates and Equity Markets
Bonds have fallen in value as investors started to price in higher interest rates by central banks later this year, while equity markets have also struggled, with the Stoxx World Index down nearly 4% in the first quarter.
Gold Holdings Provide Some Relief
In contrast, the SNB reported a valuation gain of 7.8 billion francs on its gold holdings, as the precious metal continued to gain in price.
Gold Price Performance in Q1
In franc terms, gold was trading 6.8% higher during the first quarter, boosting the value of the SNB's 1,040 tonnes of gold.
Exchange Rate and Reporting Credits
($1 = 0.7853 Swiss francs)
(Reporting by John RevillEditing by Ludwig Burger)
Key Takeaways
- •Despite a valuation gain from gold, the SNB’s large FX portfolio suffered steep valuation losses, underscoring the sensitivity of its reserves to volatile exchange rates and asset prices.
- •In 2025, the SNB still posted a large full‑year profit (CHF 26.1 billion), buoyed by substantial gold gains that more than offset FX losses, illustrating the strong counterbalancing role of its gold holdings (centralbanking.com).
- •The SNB’s reserves composition (over 90% in foreign currencies, ~6% in gold) means fluctuations in FX markets heavily influence its quarterly results, highlighting inherent volatility in central bank returns (oecd.org).
References
Frequently Asked Questions about Swiss central bank posts Q1 loss of 500 million Swiss francs
1What caused the Swiss National Bank's Q1 loss?
The loss was mainly due to an 8.2 billion franc decline in the value of its foreign currency holdings.
2How much was the Swiss National Bank's first quarter loss?
The Swiss National Bank reported a Q1 loss of 500 million Swiss francs ($636.70 million).
3Did the SNB experience gains in any of its assets?
Yes, the SNB saw gains in gold prices, but these were offset by losses in foreign currency holdings.
4What exchange rate was used for the US dollar to Swiss franc?
The article used an exchange rate of $1 = 0.7853 Swiss francs.
5Who reported and edited the SNB's Q1 loss news?
The news was reported by John Revill and edited by Ludwig Burger.
