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- The Swiss National Bank (SNB) posts a profit of CHF 26.9 billion in the first quarter.
- In particular, rising share and bond prices and dividend payments ensured income, while the appreciation of the Swiss franc had a dampening effect.
- Last year, the central bank posted a record loss of CHF 132.5 billion.
Due to last year’s record loss, no money could be paid out to the federal government and the cantons for the first time since 2014.
The result of the SNB depends on fluctuations in the value of its foreign currency reserves, which are worth hundreds of billions of francs and include shares and bonds from abroad.
Gold stock has more value
For years, the central bank had bought euros and other foreign currencies in order to prevent an economically damaging appreciation of the franc, which was in demand as a safe haven in times of crisis.
Profits on foreign currency holdings amounted to CHF 24.2 billion in the first three months. The value of the gold held by the SNB increased by CHF 4.3 billion.
rtr/schn;
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