Direct democracy Switzerland: How To
Your browser is out of date. It has known security flaws and may not display all features of this websites. Learn how to update your browser[Close]

Big profit


Central Bank strikes gold in first half of year


Recovering gold prices helped the Swiss National Bank (SNB) record a substantial CHF16.1 billion ($17.7 billion) profit for the first six months of 2014, a significant improvement from the CHF7.6 billion loss posted in the same period last year.

The first half of 2014 saw gains of CHF3.5 billion on the central bank’s gold holding compared to a CHF13.7 billion loss in the first six months of 2013 when prices plunged for the precious metal. The size of the SNB’s gold reserves was unchanged.

The biggest gains this year, however, came from the SNB’s forays into foreign exchange markets, a pivotal part of its strategy to prevent the Swiss franc-euro exchange rate from sinking below CHF1.20.

Its vast holdings of foreign currencies realised a profit of CHF12.6 billion in the first six months of the year, mainly in interest and dividends. The central bank’s Swiss franc positions also saw gains to the tune of CHF137 million.

The SNB said it would make a decision on distributing profit reserves at the end of the year. Last year’s CHF9.1 billion full year loss meant that Switzerland’s 26 cantons were denied a slice of the SNB’s surplus profits this year.

swissinfo.ch



Links

Copyright

All rights reserved. The content of the website by swissinfo.ch is copyrighted. It is intended for private use only. Any other use of the website content beyond the use stipulated above, particularly the distribution, modification, transmission, storage and copying requires prior written consent of swissinfo.ch. Should you be interested in any such use of the website content, please contact us via contact@swissinfo.ch.

As regards the use for private purposes, it is only permitted to use a hyperlink to specific content, and to place it on your own website or a website of third parties. The swissinfo.ch website content may only be embedded in an ad-free environment without any modifications. Specifically applying to all software, folders, data and their content provided for download by the swissinfo.ch website, a basic, non-exclusive and non-transferable license is granted that is restricted to the one-time downloading and saving of said data on private devices. All other rights remain the property of swissinfo.ch. In particular, any sale or commercial use of these data is prohibited.

×

Focus