Cheaper than toilet paper at a Zurich convenience store.
Remember early last year, when the Swiss National Bank ruined your trip to Davos and, for some of you, your entire year and maybe even career? Of course you do. Well, would it make you feel better to know that the SNB itself was among the biggest victims of its own decision to do away with the franc-euro cap? We suspect it will.
The Swiss National Bank lost 23.3 billion francs ($23.4 billion) last year, the bank said, confirming preliminary figures released in January. Losses on foreign-currency holdings were 19.9 billion francs, and the value of its gold portfolio fell by more than 4 billion francs.
On the other hand, it could have been worse!
These were partially offset by a valuation rise in the SNB’s holdings of Swiss francs.