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The Swiss National Bank reported a loss of 33.9 billion francs ($34 billion) for the first nine months of the year, blighted by its foreign-currency holdings. The franc has rallied this year due to the SNB’s decision to remove its currency cap, resulting in exchange-rate related losses of 31.4 billion francs during the period, the central bank said in a statement on Friday. That was partly offset by interest and dividend income. The central bank also reported a valuation loss on its gold holdings. “The SNB’s financial result depends largely on developments in the gold, foreign exchange and capital markets,” it said in the statement. “Strong fluctuations are therefore to be expected, and only provisional conclusions are possible as regards the annual result.” By Catherine Bosley (Bloomberg). Read more.
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The SNB’s foreign currency losses have reduced since 30 June 2015, when they were CHF 47.2 billion.