To stabilize the exchange rate, the SNB holds hundreds of billions in foreign currency.
(Photo: Reuters)
Zurich According to preliminary figures, the Swiss National Bank (SNB) made a profit of around CHF 26 billion (almost EUR 25 billion) last year. The drivers were valuation gains on foreign currency positions, as the central bank announced on Friday. In 2020 there was a surplus of CHF 20.9 billion.
The SNB plans to distribute a total of six billion francs to the federal government and the cantons – the same amount as last year. The final annual financial statements are due to be published on March 7th.
The SNB’s result depends on fluctuations in the value of its currency reserves, which are worth hundreds of billions of francs. This includes stocks and bonds from abroad. The central bank buys foreign currencies in order to prevent an economically damaging appreciation of the franc, which is in demand as a safe haven in times of crisis.
More: SNB spends less money to weaken the Swiss franc
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