Central bank announces major loss
The Swiss National Bank says it made a loss of SFr3.97 billion ($3.79 billion) during the first quarter, in strong contrast to the corresponding period last year.
In a statement on Friday it blamed the appreciation of the Swiss franc for what it described as “massive losses”.
Lower exchange rates accounted for a total loss of SFr3.8 billion, while lower prices on the equity markets led to a loss of SFr0.76 billion.
Valuation losses on gold amounted to SFr490 million.
The National Bank made a profit of SFr2.16 billion in the same period last year.
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