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Central bank expects healthy profit for 2011

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Central bank expects healthy profit for 2011
17:17 CET+01:00

Switzerland's central bank said on Friday that it expects to post a significant profit for 2011 after taking advantage of rising gold prices and positive foreign currency trades.

The Swiss National Bank (SNB) expects to generate 13 billion francs (€10.7 billion) profit, having suffered a loss of 21 billion francs in 2010.

This rebound was achieved particularly through the surge in gold prices which yielded a profit of more than 5.0 billion Swiss francs, the SNB said in a statement.

Foreign currency positions contributed up to around 8.0 billion francs in profit, while the stabilization fund to deal with the 2008 toxic assets of UBS bank should also contribute to the result.

The final results will be published on March 8th.

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