SNB posts smaller-than-forecast loss

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The Swiss National Bank (SNB) on Friday posted a smaller-than-expected loss of Swfr2.8 billion ($2.7 billion) for the first half of the year, on the back of valuation gains from its gold holdings and foreign currency investment earnings.

The SNB made a Swfr5.2 billion profit in the same period of last year.

The loss is Swfr1 billion smaller than the central bank estimated in late July. The SNB said at the time that a loss of Swfr3.8 billion was expected as a result of the franc's appreciation ag

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