SNB cuts interest payments amid losses

Swiss central bank lost over Sfr12 billion in Q3

Swiss National Bank headquarters in Bern
Swiss National Bank

The Swiss National Bank (SNB) has announced it will reduce the interest it pays on sight deposits held as central bank reserves, as the central bank posts large losses in the third quarter. The rate decision reflects higher policy rates, which have caused multiple central banks to post losses in recent months.

The SNB reported interim losses of just over Sfr12 billion ($13.3 billion) for the third quarter of 2023.

In an October 30 statement, the SNB said it was reducing the threshold at which

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