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Swiss National Bank expects profit of $50bn

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Swiss National Bank expects profit of $50bn

The Swiss National Bank said, on Thursday, that it expects to post an annual profit of 49 billion Swiss francs (50.29 billion dollars).

It cited big gains from its mountain of foreign bonds and stocks bought to dampen the value of the safe-haven Swiss franc.

The bank said that based on preliminary figures, it had made a profit of around 40 billion Swiss francs from its foreign currency positions and a valuation gain of 6.9 billion francs on its gold holdings.

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