SNB confirms large loss on back of franc gains

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The Swiss National Bank (SNB) on Thursday reported a loss of Sfr19.17 billion ($20.7 billion) for 2010 on the back of the franc's appreciation against a basket of currencies over the course of the year.

The loss was a shade lower than what the central bank had expected in January, when it forecast a Sfr21 billion hit. The reasons given, however, were similar, with the central bank saying the results was "overwhelmingly dominated" by the "substantial appreciation of the Swiss franc towards the en

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