The Swiss National Bank (SNB) recorded losses of Sfr6.8 billion ($6.9 billion) in the first quarter of 2018, as higher interest rates reduced the price of its sovereign bonds.

The central bank said today (April 26) that it has also reported losses on its equity and gold holdings. Additionally, it registered a negative balance derived from exchange rate fluctuations.

The huge foreign exchange reserves the SNB has accumulated over the past few years to prevent the appreciation of the franc have