ZURICH (Reuters) - Switzerland's central bank swung to a first-quarter profit of 5.7 billion Swiss francs (4.04 billion pounds) on Thursday, as valuation gains boosted its gold holdings and low interest rates saw price gains on interest-bearing paper and instruments in its foreign currency positions.
A 4.1 billion gain on gold and 6.2 billion price gain on interest-bearing paper and instruments helped offset exchange rate losses. While the franc weakened against the euro through March 31 this year (EURCHF=), it strengthened against the dollar
In the first quarter of 2015, the Swiss National Bank (S:SNBN) had posted its biggest ever quarterly loss of 30 billion francs after the removal of a minimum exchange rate sent the Swiss franc soaring against the euro in January.