Updated 13:45 Zurich, Switzerland (GenevaLunch) – The Swiss National Bank has posted a first quarter profit of CHF4.83 billion, thanks in large part to the increase in the price of gold and the movement of exchange rates. The stabilization fund to help bail out UBS had a negative impact of CHF483 million. The balance sheet for the central bank increased by CHF22 bn.
The price of gold rose above CHF35,000 a kg briefly in January, for the first time since 1980. Gold rose 13 percent during Q1.
The Swiss franc lost against all currencies during the period, but the SNB earned CHF1.31 bn from exchange rate movements.
Posted by Ellen Wallace on 8 May 2009 at 11:11, last updated on 15 May 2009 at 14:53 | permalink
This work by genevalunch.com is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported.
News story, GenevaLunch, 8 May 2009.
Filed under: Business
Tags: Business, SNB, Swiss National Bank
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