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6 months ago
Swiss central bank earned 1.5 bln Sfr from negative rates in 2016
March 6, 2017 / 6:40 AM / 6 months ago

Swiss central bank earned 1.5 bln Sfr from negative rates in 2016

ZURICH, March 6 (Reuters) - Switzerland's central bank earned 1.52 billion Swiss francs ($1.51 billion) in 2016 from banks paying negative interest rates, it said on Monday, up from 1.16 billion francs in 2015.

In its annual report, the Swiss National Bank also confirmed profit for 2016 of 24.5 billion francs, the bulk of which came from gains on its foreign currency holdings.

The SNB is not required to make a profit, with its main mandate to ensure price stability in Switzerland. But a portion of any profit it does make is distributed to the Swiss government and the country's 26 cantons.

($1 = 1.0084 Swiss francs)

Reporting by Joshua Franklin

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