Switzerland Made Profits Parallel to Rise Below MB
Swiss MB made profits parallel to the rise under it. The rise in gold prices enabled the Swiss Central Bank to earn $ 880 million in the first half of the year.
The Swiss Central Bank (SNB) made a profit of 800 million francs ($ 882 million) in the first 6 months of 2020, with the sharp rise in gold prices offset losses in foreign currency stocks.
The losses of the MB due to the fluctuation in the exchange rates were 6.8 billion francs, according to the statement made on Friday. The value of gold assets increased by 7.1 billion francs. Precious metal has increased 30 percent this year.
SNB is a listed company. Therefore, fluctuations in asset prices have a major impact on profits. However, this is not reflected in the bank’s monetary policy in any way, and the dividends paid to shareholders are determined according to the annual profit.
Keeping the deposit interest at minus 0.75 percent, SNB collected 600 million francs due to its monetary policy.