Central Bank Registers CHF9bn Loss In 2013

News: On January 6 2014, the Swiss National Bank reported a loss of CHF9bn (US$9.9bn) in 2013. The bank lost CHF15bn (US$16.5bn) in the value of its gold holdings, although the loss was partly compensated by a gain of CHF3bn (US$3.3bn) in foreign currency and a profit of more than CHF3bn (US$3.3bn) by selling its stabilisation fund that bailed out Swiss bank UBS. The central bank also denied dividends to shareholders or profits to the Swiss government and the country's states, which may face issues as their 2014 budget depends on the proceeds.

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Geography: Switzerland