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SNB reports 9-month profit despite strong franc
The Swiss National Bank said it made a consolidated profit of 5.8 billion Swiss francs during the first nine months of 2011 as it managed to offset exchange rate losses linked to the strong Swiss franc. "The gold price and current interest rate situation have resulted in high valuation gains on gold and fixed interest rate investments," the SNB said in a statement on Monday. "At the end of September, exchange rate losses amounted to 4.7 billion Swiss francs. However, this figure was more than offset by the other components of foreign currency positions in the net result, which contributed more than 5.0 billion ... (full story)