The Swiss National Bank spent 17.8B Swiss francs ($19.56B) buying foreign currency last year as...

|By:, SA News Editor

The Swiss National Bank spent 17.8B Swiss francs ($19.56B) buying foreign currency last year as it fought to combat the "massive overvaluation" of the franc and cap it at 1.20/euro. The SNB's credibility should be boosted after it said it swung to a net profit of 13.5B francs in 2011 from a record loss of 21B francs in 2010. (PR)