Initial forecasts from the Swiss National Bank now out

  • loss on fx positions CHF 20bln
  • loss on gold holdings CHF 4bln
  • net result from CHF positions +1bln
  • despite annual loss the balance sheet profit will still allow dividend payment of CHF 15 per share as well as ordinary profit distribution of CHF 1 bln to confederation and cantons

CHF appreciation since the SNB removed the CHF cap almost a year ago has taken its toll but the initial result is not as bad as some feared which I reported here

The final result will be published on 4 March says the SNB

USDCHF nudging higher as EURUSD breaks lower into 1.0850