Central Banking

Gold and currency earnings secure profit for SNB

swiss-national-bank-zurich

The Swiss National Bank (SNB) on Friday announced it expects to record an annual profit of Sfr13 billion ($13.6 billion) and will be able to make the regular distribution to the cantons.

The SNB said that given the rise in the price of gold, it had made a valuation gain on its gold holdings of Sfr5 billion for the 2011 financial year. Furthermore, foreign currency positions will contribute about Sfr8 billion, the SNB said.

The resultant profit will therefore be in the region of Sfr 13 billion.

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