Swiss Bank has the biggest loss in 116 years!- Watch Video

Publish Date: 12 Jan, 2023 |
 

The Swiss National Bank suffered significant losses during the 2022 fiscal year. During this time, the bank recorded a loss of 132 billion Swiss francs ($143 billion). The Swiss National Bank will not make payments to the Swiss government in 2022 as a result of the worst deficit in the history of the institution. This is regarded as the largest deficit in the Central Bank's 116-year existence.

In 2015, a deficit of 23 billion Swiss francs set the previous record.

The estimated GDP of Switzerland is 744.5 billion Swiss francs, or roughly 18%. 23 billion Swiss francs in losses set a previous record for the bank in 2015. Following this loss, the bank will no longer pay its dividends to shareholders and the Swiss government and member states will also no longer receive payments from the bank. The bank reported a 26 billion Swiss franc profit in 2021.

Decrease in foreign reserves of Swiss Bank

The SNB's foreign exchange reserves decreased by around 17% in 2017. As of December, bank balances were down from 945 billion francs a year earlier to 784 billion francs. However, this final figure is greater than Saudi Arabia's GDP. Around 1 billion Swiss francs were lost on the Swiss franc position, while the SNB experienced gains of about 400 million francs on its gold holdings.

 

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