SNB Records First-Half Profit on Gold, Foreign Currencies
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The Swiss National Bank posted a profit of 16.1 billion francs ($17.7 billion) for the first half of 2014 as its holdings of gold and foreign currencies climbed in value.
The SNB, based in Zurich, recorded a profit of 12.6 billion francs on its foreign-currency holdings, which which it built up while defending the exchange-rate ceiling of 1.20 francs per euro set nearly three years ago. Foreign exchange-related gains, interest income of 3.7 billion francs and buoyant equities markets contributed to the profit. The SNB’s gold holdings saw a valuation gain of 3.5 billion, it said in a statement today.