ZURICH—The Swiss National Bank reported a first quarter loss of 32.8 billion Swiss francs ($33.75 billion), the central bank said on Thursday, as lower bond prices and the higher franc dented the value of its foreign currency investments.
The bank made a loss of 36.8 billion francs from its foreign currency investments built up during its campaign to tame the franc.
The bank made a profit of 1.6 billion francs from interest on its bond portfolio and 800 million francs in dividends from the stocks and shares it holds in companies which include Starbucks and Google owner Alphabet.
But this was wiped out by a big valuation loss on its bond portfolio, which makes up 80 percent of the 977 billion francs held by the SNB in foreign currency investments.
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