July 31, 2014 / 5:51 AM / 3 years ago

SNB swings to H1 profit of 16.1 bln Sfr on forex gains

ZURICH, July 31 (Reuters) - The Swiss National Bank swung to a first-half profit from a year-ago loss on Thursday, helped by gains from foreign currency positions.

The central bank posted a profit of 16.1 billion Swiss francs ($17.72 billion) for the first six months, 12.6 billion francs of this coming from gains on foreign currency.

The SNB capped a soaring franc at 1.20 per euro in September 2011 to help stave off recession and the threat of deflation, boosting its foreign currency reserves. ($1 = 0.9084 Swiss Francs) (Reporting by Joshua Franklin)

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