Switzerland's central bank has revealed it made an exchange loss of Sfr3.97bn (€2.4bn) in the first quarter of this year, as high net worth investors switched out of other currencies in the belief that the Swiss franc would be a safe haven in times of turmoil.

The rapid rise of the Swiss franc against other currencies in the first three months of the year prompted the foreign exchange loss at the Swiss National Bank and compares to a profit of Sfr2.16bn in the same period a year ago.