SNB’s Loss Quadruples, Stoking Criticism of Chief Hildebrand
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The Swiss central bank saw its first-half loss nearly quadruple from a year earlier on the declining value of its international reserves, reviving criticism of its president, Philipp Hildebrand.
The Zurich-based Swiss National Bank posted a loss of 10.8 billion Swiss francs ($13.5 billion) compared with a 2.78 billion-franc shortfall in the first half of 2010, it said in an e-mailed statement today. Exchange-rate-related losses amounted to 11.7 billion francs and the bank lost 1.55 billion francs on its gold holdings.