In good years the Swiss National Bank (SNB) distributes a portion of its profits to a number cantonal tax authorities, boosting their income. However, there will likely be no payments in 2023, reported the newspaper 20 Minutes. Over the first 9 months of 2022 the SNB generated a loss of CHF 140 billion. On 31 December 2022, Thomas Jordan, the bank’s president, said there was little hope the remaining three months of 2022 would change the situation. In 2021, the SNB paid dividends of CHF 6 billion, CHF 2 billion to the federal government and CHF 4 billion to the cantons.

Source: Le News January 07, 2023 05:35 UTC