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Swiss central bank posts 1.2 bln Swiss francs H1 profit as forex weighs

Swiss central bank posts 1.2 bln Swiss francs H1 profit as forex weighs

ZURICH: Switzerland’s central bank on Monday reported a net profit of 1.2 billion Swiss francs (913.66 million pounds) for the first half of 2017 as big foreign exchange losses weighed on earnings from its foreign investments.

The Swiss National Bank (SNBN.S) made a profit of 100 million francs from its foreign currency positions, as exchange related losses of 11.8 billion francs almost wiped out the earnings from bonds and shares it holds. The bank made a valuation gain of 300 million francs from its gold holdings and 970 million francs from the negative interest rates it charges on banks, a cornerstone of its campaign to weaken the Swiss franc. Making a profit is not part of the SNB’s monetary policy mandate, with its with its main target to ensure price stability in Switzerland.