Currency positions allow the Swiss National Bank to make a profit
The Swiss National Bank (SNB) said it made a profit of 13.7 billion Swiss francs ($15.3 billion) in the first half of the year, helped by a 16.2 billion gain on its foreign currency holdings, according to results reported on Monday.
While it gained from currency holdings, it recorded a loss of 3.4 billion on its Swiss franc holdings. The result was largely due to 3.3 billion francs of compensation on notice.
It incurred additional expenses of 1.1 billion francs from liquidity-absorbing activities, according to the statement. Although unchanged in volume, the value of the SNB’s gold holdings increased by CHF 1.2 billion. The SNB added the usual caveat that its performance is largely dependent on gold, currency and capital markets which are subject to strong fluctuations, making conclusions about annual profits difficult.
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