Bundesbank's profits shrink by nearly 50%

The Bundesbank revealed this week that profits for 2002 fell by almost 50%. Gold and currency reserves were shown to have more than halved on the previous year.

Source: Frankfurter Allgemeine Zeitung

Germany's central bank, Deutsche Bundesbank, said its net profit in 2002 fell by nearly half from the year earlier to EUR5.4 billion. The Bundesbank transferred its total profit to the German federal government, which is prescribed by law to use a third of the money to repay debts that arose from G