ZURICH (Reuters) -The Swiss National Bank swung to a 2 billion Swiss franc ($2.27 billion) loss in the second quarter, the central bank said on Wednesday, as the rising value of the Swiss franc reduced gains from its foreign currency investments.
The figure compared with a 58.8 billion franc profit in the first quarter and came despite gains in the value of the SNB's gold portfolio.
During the quarter, the SNB made a 3.26 billion franc gain from the increased value of the 1,040 tonnes of gold it holds, as global political tensions increased the price of the precious metal.
Foreign currency positions - the 740 billion francs of stocks and bonds the SNB has bought - however reported a loss of 3.10 billion, as the higher value of the franc wiped out gains from increases in global equity markets.
The SNB also lost 2.06 billion francs on its Swiss franc positions, mainly from paying interest on sight deposits to commercial banks.
The second quarter loss is unlikely to be a major concern for the SNB, with making a profit not part of the central bank's mandate, which instead focuses on price stability.
($1 = 0.8810 Swiss francs)
(Reporting by John Revill, editing by Miranda Murray)
