UBS stabilization fund not included: will make “significant positive contribution”
Zurich, Switzerland (GenevaLunch.com) – The Swiss National Bank expects a CHF4 billion loss for the first half of 2010, it announced Tuesday morning 21 July. The loss is the result of its active role in foreign currency markets from January to June, with CHF132b invested in other currencies. The bank says in a press release that “the bulk was placed in euro-denominated investments. The sharp appreciation of the Swiss franc, in particular against the euro, resulted in exchange rate losses of over CHF 14 billion.”
The loss was, however, limited by the steep rise in the price of gold, which has risen about 12 percent since January, and a stronger Swiss franc. The definitive figures will be released 13 August 2010.
