Swiss central bank reports 2013 loss on gold

Print
Email
|

Associated Press

Posted on January 6, 2014 at 4:03 AM

Updated Monday, Jan 6 at 4:34 AM

GENEVA (AP) — Switzerland's central bank says it will report a loss of 9 billion Swiss francs ($9.9 billion) for 2013, denying shareholders and governments of annual profit sharing.

The Swiss National Bank said it lost 15 billion francs in the value of its gold holdings, but that was partly offset by a gain of 3 billion francs in foreign currency and more than 3 billion francs in profit from selling its stabilization fund that bailed out Swiss bank UBS AG.

In a statement Monday, the bank said it could not provide dividends to shareholders or profits to the Swiss government and 26 cantons (states).

Gold prices fell sharply in 2013 as the U.S. Federal Reserve wound down an inflation policy that had driven up gold prices.

Print
Email
|