SNB losses climb to $52bn after abandoning franc ceiling
Heavy losses mostly due to exchange rate changes
The Swiss National Bank (SNB) saw its losses climb further in the second quarter, with results for the first half of the year showing large losses on its foreign reserves.
Interim results published today (July 31) indicate a Sfr50.1 billion ($52 billion) loss in the year to June 30, an increase of Sfr20.1 billion on what were already record losses in the first quarter of Sfr30 billion.
The vast majority of the losses come from exchange rate changes in the large portfolio of foreign exchange
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