Swiss central bank loses $22 billion in 2010

[January 15, 2011]  GENEVA (AP) -- Switzerland's central bank says it has lost 21 billion Swiss francs ($22 billion) in 2010 as the currency, considered by investors as a safe haven, rose strongly against the dollar and the euro.

The Swiss National Bank, which has repeatedly intervened to halt the Swiss franc from further rising against the euro, said losses stemming from its foreign currency dealings totaled 26 billion francs -- a record loss only partly offset by the gains on its gold reserves.

The central bank's loss, according to its preliminary 2010 figures released late Friday, comes after a successful 2009, when the bank reported an annual profit of 10 billion francs.

The central bank's full 2010 earnings report is due to be released in March.

[Associated Press]

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