SNB returns to profit with $19 billion gain

swiss-national-bank-zurich

The Swiss National Bank (SNB) has turned a Sfr10.8 billion ($12.4 billion) loss in the first half of the year into a Sfr5.8 billion ($6.6 billion) profit at the end of the third quarter, following a rise in the value of its gold holdings and a decline in foreign currency losses.

In its interim results published on Monday, the SNB said its net foreign currency position for the first three quarters of 2011 amounted to Sfr300 million. This compares to a foreign currency loss of Sfr9.9 billion for t

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