- Swiss National Bank
The Swiss National Bank recorded a hefty profit in the first three quarters of 2012, boosted by a gain in its vast Forex holdings. The interim profit soared to 16.9 billion Swiss francs ($18.1 billion), while bank reserves rose by 70% to 429.9 billion Swiss francs ($461.8 billion). At the same time, the SNB cut its holdings of euros to 49% in the third quarter, down from 60.1% in the second, while holdings of the U.S. dollars and British pounds jumped by 5.9% and 3.4%, respectively.
"Their increase is due to foreign currency purchases made to enforce the minimum exchange rate against the euro and the net result on foreign currency positions," the SNB said.
"This rapid pace of diversification ... could suggest SNB policymakers are specifically concerned about risks emanating from the euro zone rather then portfolio balance," said Swissquote analyst Peter Rosenstreich.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, lost 0.57 per cent to 6,595.13. The broader Swiss Performance Index erased 0.55 per cent to 6,088.61.
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