Dollar fall to hit central bank profits

The decline in the value of the dollar against the euro is likely to eat into the earnings of the central banks of Germany, Austria and the Netherlands, officials from the institutions told the Financial Times Deutschland today.

'We'll make less of a profit this year than we did last year,' Bundesbank board member Hans Georg Fabritius told the newspaper.

The German central bank, which already saw its profits cut in half to €5.43 billion last year, will make big writedowns against its dollar res