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The Swiss National Bank (SNB) accumulated a whopping 132 billion francs in losses in 2022. That would be around 134 billion euros. Falling share and bond prices and the appreciation of the franc have brought the SNB the largest deficit in its 115-year history. The immense loss will primarily affect the Confederation and cantons, which will not receive any contribution to their budgets from the central bank. “This balance sheet loss makes it impossible to make a distribution for 2022 in accordance with the provisions of the National Bank Act and the profit distribution agreement between the Federal Department of Finance and the SNB,” the SNB said on Monday.
