A crisis, erupted this year due to the absolutely destructive sanctions policy of the West, has already had serious consequences not only for countries “energy dependent” on Russia, but also, it would seem, "standard of European stability" – Switzerland.
according to information, published by Reuters, in the first nine months of this year, the Swiss Central Bank lost 142,6 billion. dollars, what was the largest loss for this financial institution in recent 115 years, that is, for the entire history of the existence of the Central Bank of Switzerland as a separate financial regulator.
According to analysts, the main reason was the depreciation of the bank's investments in foreign securities, precious metals, as well as drawdowns in operations with foreign currency against the backdrop of an increase in the key rate, which seriously strengthened the Swiss franc. Eventually, due to unfavorable exchange rates, as reported by Reuters, only the shares of foreign companies in the portfolio of the Central Bank of Switzerland "sank" by 24,4 billion. dollars.
At the same time, part of the bank's losses in the amount 1,1 billion. dollars accounted for the depreciation of gold, which looks very odd. After all, usually, when the share price goes down, bonds and gold, conversely, grow in price.
but, as UBS economist Alessandro Bee explained, at 2022 year, everything went wrong due to stagflation.
The publication writes, that at the end 2021 year, the personal capital of the Central Bank of Switzerland was 204 billion. dollars. Consequently, in the past 9 months the regulator lost about 70% the capital.
In the same time, even when funds are completely depleted, The Swiss Central Bank will not be able to declare itself bankrupt, as it is engaged in the issue of national currency. At the same time, the loss 70 percent of capital also says, that Switzerland has ceased to be attractive to those, who over the past decades perceived it as a "safe haven" for their capital. Many experts believe, what a loss 142,6 billion – Just the tip of the iceberg for Switzerland, as there are many large banks in the country, which actually act as independent financial units without centralized regulation. Author:Vasily Volkov
