SNB Reports CHF 0.5 Billion Loss in Q1 2026
Summary
The Swiss National Bank reports a loss of CHF 0.5 billion for the first quarter of 2026, driven by an CHF 8.2 billion loss on foreign currency positions. This loss was partially offset by a CHF 7.8 billion valuation gain on gold holdings, which increased from CHF 110,919 to CHF 118,400 per kilogram. Profit on Swiss franc positions contributed CHF 40.4 million. The SNB notes that strong fluctuations are expected given its exposure to gold, foreign exchange, and capital markets.
“The Swiss National Bank reports a loss of CHF 0.5 billion for the first quarter of 2026.”
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GovPing monitors SNB Switzerland Press Releases for new banking & finance regulatory changes. Every update since tracking began is archived, classified, and available as free RSS or email alerts — 3 changes logged to date.
What changed
The Swiss National Bank posted a net loss of CHF 0.5 billion for Q1 2026, compared to gains in prior periods. The loss was driven primarily by CHF 8.2 billion in losses on foreign currency positions, including CHF 5.3 billion in price losses on interest-bearing paper and CHF 6.3 billion in price losses on equity securities. These were partially offset by CHF 7.8 billion in valuation gains on gold holdings, which appreciated from CHF 110,919 to CHF 118,400 per kilogram.
Central banks, institutional investors, and currency market participants should note that the SNB's financial result remains highly dependent on gold, foreign exchange, and capital market developments, and that strong fluctuations are to be expected. The loss before allocation to provisions for currency reserves was CHF 0.5 billion as of end-March 2026.
Archived snapshot
Apr 27, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Ad hoc announcement pursuant to Art. 53 LR
Interim results of the Swiss National Bank as at 31 March 2026
23 April 2026 The Swiss National Bank reports a loss of CHF 0.5 billion for the first quarter of 2026.
The loss on foreign currency positions amounted to CHF 8.2 billion. A valuation gain of CHF 7.8 billion was recorded on gold holdings. The profit on Swiss franc positions was CHF 40.4 million.
The SNB's financial result depends largely on developments in the gold, foreign exchange and capital markets. Strong fluctuations are therefore to be expected, and only provisional conclusions are possible as regards the annual result.
Loss on foreign currency positions
The loss on foreign currency positions was CHF 8.2 billion. Interest and dividend income amounted to CHF 3.2 billion and CHF 0.6 billion respectively, while interest expenses stood at CHF 0.2 billion. Price losses of CHF 5.3 billion were recorded on interest-bearing paper and instruments, and CHF 6.3 billion in price losses were recorded on equity securities and instruments. Exchange rate-related losses totalled CHF 0.2 billion.
Valuation gain on gold holdings
A valuation gain of CHF 7.8 billion was recorded on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 118,400 per kilogram at the end of March 2026 (end-2025: CHF 110,919).
Profit on Swiss franc positions
The profit on Swiss franc positions totalled CHF 40.4 million. This largely resulted from the remuneration of sight deposit account balances and from liquidity-absorbing operations. The SNB absorbs liquidity with repo transactions and SNB debt certificates.
Provisions for currency reserves
As at end-March 2026, the SNB recorded a loss of CHF 0.5 billion before the allocation to the provisions for currency reserves.
In accordance with art. 30 para. 1 of the National Bank Act (NBA), the SNB is required to set aside provisions permitting it to maintain the currency reserves at the level necessary for monetary policy. The allocation for the current financial year is determined at the end of the year.
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Interim results of the Swiss National Bank as at 31 March 2026 (with tables and appendix)
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