Central bank position hurt by franc's rise against the euro and fall in value of gold
Sat, Aug 01, 2015 - 5:50 AM
SUPPORTING STRUCTURE: While the SNB isn't required to generate a profit for monetary policy purposes, it needs adequate income in order to make its customary annual payout to the federal and cantonal governments; the prospect of no payout may incite a fresh round of criticism just as campaigning heats up for Swiss elections.
THE Swiss National Bank (SNB) suffered a loss for the first half of the year, giving politicians keen to raise their profile in an election year more fodder for criticism.
The SNB had a loss of 50.1 billion francs (S$72 billion) in the six months through the end of June, the...