Swiss central bank takes $32 billion first quarter loss

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

BERLIN (AP) — Switzerland's central bank says it took a first-quarter loss of 30 billion Swiss francs ($32 billion) as the rapid appreciation of the national currency led to high foreign exchange losses.

The Swiss National Bank said Thursday that its loss on foreign currency positions alone came in at 29.3 billion Swiss francs in the quarter, which ended March 31, while the value of its gold reserves dropped 1 billion francs.

The Swiss National Bank shocked markets in January when it dropped its cap on the franc's value against the euro, causing the currency to spike and "as a result, to exchange rate-related losses on all investment currencies."

Because its result "depends largely on developments in the gold, foreign exchange and capital markets," the bank says strong fluctuations are to be expected.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Business & Tech stories

Related topics

Business & Tech
The Associated Press


    Catch up on the top news and features from, sent weekly.
    By subscribing, you acknowledge and agree to's Terms of Use and Privacy Policy.

    KSL Weather Forecast