In 2025, Switzerland's current account balance decreased by CHF 15 billion year-over-year to CHF 62 billion, primarily due to a trade deficit in non-monetary gold transactions caused by rising gold prices. The financial account showed net assets increasing by CHF 105 billion and net liabilities increasing by CHF 23 billion, with securities investment being the largest contributor. Due to a significant increase in liabilities while assets stagnated, the net international investment position declined to CHF 966 billion, mainly attributable to exchange rate losses caused by dollar weakness. In the fourth quarter of 2025, the current account surplus was CHF 7 billion, a decrease of CHF 17 billion compared to the same period in 2024.