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Swiss National Bank says its expects 2021 profit of $28.2 billion -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A view of the Swiss National Bank building in Zurich (Switzerland), December 16, 2021. REUTERS/Arnd Wiegmann

ZURICH (Reuters – A profit of 26 billion Swiss francs or $28.22 billion is expected by the Swiss National Bank for 2021. This was due to billions of dollars in foreign currency investment gains that were made thanks to booming stock markets.

SNB realized a loss of less than 26 billion francs from its foreign currency holdings, including nearly 1 trillion Francs in stocks and bonds it bought as part of its long-running campaign to weaken Swiss Swiss francs.

The central bank lost 100 million Francs in its valuation from gold, but made a 1billion franc profit with its Swiss franc holdings. Its main source of income is the negative interest rates it charges commercial banking to keep money over night.

It is therefore expected that its annual profit will be greater than the 20.9 billion Francs profit earned by the SNB in 2020.

($1 = 0.9212 Swiss francs)

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