Ignore the SNB’s huge stonking losses
The Swiss central bank still sits on a fat financial cushion from its equity investments
(my article published in Financial Times Alphaville on 26th May 2022)
The Swiss National Bank has long been coy about exactly how it allocate its mammoth $1tn stash of foreign currency reserves. But the last few months have undoubtedly been rough.
The returns from its stock investments are likely terrible, but the losses in bonds are probably even worse. …
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