The Swiss National Bank registered a net loss during the first quarter of 2012 largely due to the exchange rate losses.
The SNB on Monday reported a consolidated loss of CHF 1.7 billion for the first quarter of 2012.
The report showed that losses on foreign currency positions totaled CHF 2.6 billion as the Swiss franc appreciated against major investment currencies. Meanwhile, a valuation gain of CHF 0.8 billion was achieved on the unchanged gold holdings.
A slight net gain of CHF 14 million was recorded on Swiss franc positions. At CHF 33 million, interest income and price gains recorded on Swiss franc securities offset the expenses of roughly CHF 18 million for repo transactions and debt certificates, the central bank said.
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