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SNB seen posting 11 bln Sfr Q4 fx loss - report
January 2, 2011 / 12:41 PM / in 7 years

SNB seen posting 11 bln Sfr Q4 fx loss - report

 * Swiss central bank may book Q4 loss of 11 bln Sfr
 * Figure based on Swiss newspaper's own calculation
 * SNB lost money on its reserves due to franc's rise
 ZURICH, Jan 2 (Reuters) - The Swiss National Bank lost
nearly 11 billion Swiss francs ($11.77 billion) on its currency
reserves in the fourth quarter due to the franc's rapid rise
against major currencies, a paper reported on Sunday based on
its own calculations.
 The Swiss central bank would likely post a full-year book
loss of 32 billion francs, its largest ever, the newspaper
Sonntag said.
 The SNB has been criticised for running up massive losses on
its holdings in its bid to combat a big appreciation of the
Swiss unit against the euro.
 The central bank, which dropped its pledge to intervene in
June, recorded exchange-rate related losses of 21.2 billion
francs in the first nine months of the year. [ID:nWEA9112]
 The SNB's foreign currency reserves crept up to 212.4
billion Swiss francs at the end of November from 211.9 billion
at the end of October, data published by the SNB showed.
 The SNB was unavailable to comment.
 (Editing by Erica Billingham)

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