Swiss profits soar to $10 billion


The Swiss National Bank (SNB) said on Thursday that it would make a profit of CHF10 billion ($9.5 billion) from reserves as a result of steady growth in the price of gold.

"The steep rise in the price of gold has resulted in a valuation gain of CHF7.3 billion for the SNB on its gold holdings for the year 2009. In addition, foreign currency positions have profited substantially- at CHF2 billion- from the recovery of financial markets," it said.

The central bank's gain on its gold holdings, which

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