12:12 - 2.03.2023

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March 2, Fineko/abc.az. The central bank of Germany (Bundesbank) suffered losses last year for the first time since 1979.

ABC.AZ reports that Bundesbank’s president Joachim Nagel stated about this at a press conference, presenting the bank's report for 2022 to the public.

He said the rise in interest rates had devalued his bonds.

"The loss last year amounted to 172 million euros, it was covered by reserves accumulated in previous years. At that, the Central Bank pointed out the likelihood of further losses amid the continued growth of interest rates," Nagel said.

Last year's loss was the first loss of Bundesbank since 1979.