Swiss National Bank lost more than 15 billion francs due to Trump's policy

The US President's trade policy Donald Trump has hit the finances of the Swiss National Bank (SNB). About this writes german weekly magazine Spiegel.

In the first half of 2025, the Swiss National Bank recorded a loss of CHF 15.3 billion (over $17 billion).

The main reason for the losses was the sharp drop in the dollar after Trump announced new trade duties. As a result, the SNB lost 22.7 billion francs on its foreign currency assets.

In the second quarter of 2025, the loss amounted to 22 billion francs, while in the first quarter the bank still had a profit of 6.7 billion francs.

The losses were partially mitigated by an increase in the value of gold reserves, as well as interest and dividend income.

SNB's financial results have traditionally fluctuated greatly, as the bank has huge foreign exchange reserves of hundreds of billions of francs, including foreign stocks and bonds.

For comparison, in 2024, the bank made a record profit of 80.7 billion francs, and in 2022, it made a record loss of 132 billion francs.

• In June, the US dollar fell to its lowest level since 2022 due to Trump's tariff threats.