Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Central bank expects healthy profit for 2011

Share this article

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.

Get notified about breaking news on The Local

Share this article

From our sponsors

Change the world with a master's degree from Sweden's Linköping University

Master's students at world-leading Linköping University (LiU) aren't there simply to study. They solve real-world problems alongside experts in fields that can create a better tomorrow. Do you have what it takes to join them?