SNB Franc Decision Costs them $50B

The Swiss National Bank (SNB) revealed on Friday that abandoning its currency cap on the euro in January cost the central bank 50.1 billion Swiss francs ($52 billion) in the first half of the year.

In its interim earnings release, the central bank detailed the full extent of its balance sheet pain, as unlike most of its major counterparts, the SNB is privately run and has shareholders to report to like a regular company.

“(The) appreciation of the Swiss franc led to exchange rate-related losses on all investment currencies,” the SNB said in a news release on Friday.