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Swiss National Bank says expects 24 Bln Sfr profit for 2016
January 9, 2017 / 6:44 AM / a year ago

Swiss National Bank says expects 24 Bln Sfr profit for 2016

ZURICH, Jan 9 (Reuters) - Switzerland’s central bank expects to post a profit of more than 24 billion Swiss francs ($23.57 billion) for 2016, it said on Monday, as it logged big gains from its vast foreign currency holdings and its negative interest rate policy.

The Swiss National Bank made a profit of 19 billion francs on foreign currency investments that rose to roughly 645 billion francs last year, a similar size to the entire Swiss economy.

The bank also made a profit of 3.9 billion francs from the valuation of its gold holdings. The SNB’s profits are not part of its monetary policy mandate.

The profit figure compared with a 23.3 billion franc loss recorded by the bank during 2015 when the value of its foreign currency investments fell dramatically. ($1 = 1.0184 Swiss francs) (Reporting by John Revill, editing by John Miller)

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