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SNB suffers record H1 loss of 50.1b francs
Central bank position hurt by franc's rise against the euro and fall in value of gold
SUPPORTING STRUCTURE: While the SNB isn't required to generate a profit for monetary policy purposes, it needs adequate income in order to make its customary annual payout to the federal and cantonal governments; the prospect of no payout may incite a fresh round of criticism just as campaigning heats up for Swiss elections.
PHOTO: BLOOMBERG
Zurich
THE Swiss National Bank (SNB) suffered a loss for the first half of the year, giving politicians keen to raise their profile in an election year more fodder for criticism.
The SNB had a loss of 50.1 billion francs (S$72 billion) in the six months through the end of June, the
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