SNB expects $21.7 billion loss for 2010

swiss-national-bank-zurich

The Swiss National Bank on Friday said it will report an annual loss for the financial year of 2010 of Sfr21 billion ($21.7 billion) as a result of gains in the Swiss franc against a basket of currencies.

The SNB said the loss largely owed to a net loss on its foreign currency position of Sfr26 billion following a sharp rise in the value of the Swiss franc against the euro and the dollar. This compares to an overall reported profit in the 2009 financial year of Sfr10 billion. It said an overall l

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