Gold reserves boost Swiss national profits

The Swiss central bank reported a profit equivalent to 23.6 billion euros for the first nine months of the year on gains from currency trading and a rise in the value of its gold reserves.

The Swiss National Bank has operated a policy of holding down the value of the Swiss franc since September 2011, largely by trading in foreign currencies.

The Swiss franc has tended to rise strongly in the last few years as a refuge for investors seeking safety from the turmoil of the financial crisis and then the eurozone crisis.

The bank reported an overall profit for the nine months of 28.5 billion Swiss francs ($29.7 billion).

In terms of trading in foreign currencies, the central bank made 9.7 billion francs, with losses on positions taken in euros more than outweighed by gains on other currencies and particularly the dollar and the British pound.

Interest payments contributed 5.7 billion francs and dividends 1.4 billion francs, the bank said.

The bank reported an overall gain of 25.2 billion francs on its holdings of foreign currencies.

The gold reserves, which were stable in quantity, rose in value by 3.3 billion euros. At the end of September, the market price of one kilo (35.274 ounces) of gold was 37,395 francs from 34,195 francs at the end of 2013, the bank said.



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