The Swiss National Bank (SNB) reports a loss of CHF 7.8 billion for the first three quarters of 2018. A valuation loss of CHF 3.7 billion was recorded on gold holdings. The loss on foreign currency positions amounted to CHF 5.3 billion. The profit on Swiss franc positions was CHF 1.5 billion. The SNB's financial result depends largely on developments in the gold, foreign exchange and capital markets. Strong fluctuations are therefore to be expected, and only provisional conclusions are possible as regards the annual result.

The loss on foreign currency positions amounted to CHF 5.3 billion. In terms of current income, interest and dividend income contributed CHF 7.2 billion and CHF 2.7 billion respectively. There was a divergence between bond and equity valuations. Price losses of CHF 8.5 billion were recorded on interest-bearing paper and instruments. By contrast, price gains on equity securities and instruments came to CHF 8.2 billion. Exchange rate-related losses totalled CHF 14.8 billion.