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Swiss National Bank snb.ch

2026-09-22 - Swiss balance of payments and international investment position

Imported from official source

Announcement

In Q2 2026, the current account balance was CHF 24 billion, up CHF 13 billion on the same quarter in 2025. It should, however, be noted that the surplus was relatively low in Q2 2025.

This rise in the current account balance was mainly due to trade in goods. While the merchanting balance increased significantly compared to Q2 2025, the balance of (non-monetary) gold trading was less negative.
Compared to trade in goods, the balance of trade in services as well as the primary and secondary income balances changed only marginally compared to Q2 2025.

Transactions reported in the financial account in Q2 2026 showed a net reduction of financial assets (CHF 6 billion) and of liabilities (CHF 12 billion). Including derivatives, the financial account balance totalled CHF 7 billion.

  • On the assets side, the net reduction affected portfolio investment in particular, with resident investors selling securities of non-resident issuers, specifically shares. Other investment also recorded a net reduction, in part because commercial banks reduced claims on non-resident customers. Direct investment saw a net reduction at foreign-controlled enterprises, which, as part of balance sheet reductions, withdrew considerable funds in the form of equity capital from non-resident subsidiaries. This withdrawal of funds was almost offset by reinvested earnings and newly granted intragroup loans to non-resident fellow enterprises.
  • The net reduction on the liabilities side was primarily attributable to non-resident parent companies withdrawing equity capital from their resident subsidiaries. This was connected to the balance sheet reductions of resident foreign-controlled enterprises mentioned under assets.

    • In Q2 2026, the net international investment position increased by CHF 22 billion quarter on quarter to CHF 986 billion.

  • Stocks of assets increased by CHF 149 billion to CHF 5,564 billion, and stocks of liabilities rose by CHF 127 billion to CHF 4,578 billion.

    • This is an extract. The publication continues at the source.

    Read the original at the source: https://www.snb.ch/en/publications/communication/press-releases/2026/pre_20260922

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    Swiss National Bank — imported from official source
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    https://www.snb.ch/public/en/rss/pressrel RSS
    Imported
    October 03, 2026 20:37
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    https://www.snb.ch/en/publications/communication/press-releases/2026/pre_20260922

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