Swiss National Bank posts large loss due to surge in currency

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The Swiss National Bank (SNB) on Friday reported a consolidated loss of Sfr10.8 billion ($13.7 billion) for the first half of 2011.

The SNB said appreciation of the Swiss franc against all major investment currencies had resulted in substantial valuation losses.

"Losses on the SNB's foreign currency positions amounted to some Sfr9.9 billion for the first half of 2011," said the central bank. "This was mainly due to exchange rate-related valuation losses of around Sfr11.7 billion. At mid-year, th

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