The Swiss National Bank (SNB) expects to report a profit of Sfr38 billion ($39 billion) for 2014, it announced today, on the back of gains in the value of its foreign currency positions and gold holdings.
This marks a sharp turnaround from 2013, when the central bank lost Sfr15 billion after the gold price fell by almost 30%. In contrast its gold holdings rose by Sfr4 billion in 2014.
Most of the gains last year were, however, on the SNB's foreign currency positions. Interest and dividend income
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