Swiss euro loss hits £8.7bn

The Swiss National Bank yesterday blamed the weakness of the euro for its first-half loss of more than Sfr14bn (£8.7bn) on currency transactions.

The bank was forced to buy billions of euros earlier in the year to counter the appreciation of the Swiss franc, which is often perceived by investors as a safe haven in times of crisis. The move was designed to protect Swiss exporters against huge increases in the cost of their goods.

The bank ended its interventionist policy last month but still has billions of euros on its books.