The Swiss National Bank (SNB) has reported an annual loss of CHf132.5 billion ($141.54 billion), the biggest loss in its 115-year history.

Reported on Monday, SNB said that the loss was in line with provisional calculations announced in January. It attributed the losses to a drop in value of its investments which were caused by bond and stock market declines.

The loss was also magnified by the strengthening of the Swiss franc, which reduced the bank’s holdings and returns from foreign investments.

The results of 2022 stand in stark contrast to 2021, where the SNB reported a profit of CHf26 billion.

As a result of the shortfall, the SNB will make no payout to the Swiss central or regional governments or dividend to investors for only the second time since being established in 1907. The loss has also wiped out the bank’s distribution reserve of CHf102.5 billion, leaving it with a net loss of CHf39.5 billion.

Despite the eye catching loss, analysts have predicted that the SNB’s next monetary policy update later this month will remain unchanged. The bank still has CHf66 billion in equity.

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