SNB Suffers Record 23 Billion-Franc Loss on Strong Currency
- Federal government, cantons to receive their customary payout
- Franc rose vs. euro after SNB gave up cap on franc in January
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The Swiss National Bank estimates that it incurred a record loss of 23 billion francs ($23 billion) last year after it abandoned its currency cap.
The appreciation of the franc that followed the Jan. 15 decision resulted in a loss of 20 billion francs on its foreign-currency positions, the central bank said in a statement on Friday based on preliminary calculations. It said it would still pay a dividend of 15 francs per share and distribute 1 billion francs to the federal government and cantons.