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SNB Gold Initiative Would Hamper Policy, Government Says

Asking the Swiss National Bank to hold a fixed portion of its assets in gold would hinder monetary policy, the government said today.

Switzerland will vote on the initiative “Save Our Swiss Gold” on Nov. 30 that would force the central bank to hold at least twenty percent of its assets in gold. It would also forbid the sale of any such holdings and require all the gold be held in Switzerland.

“A rigid and unsaleable minimum gold holding would make it difficult for the SNB to fulfill its mandate to ensure price stability and to contribute to the stable development of the economy,” Finance Minister Eveline Widmer-Schlumpf said at a press briefing in Bern today. Both parliament and the government have already recommended voters reject the initiative. Opinion polls will be published later this month.

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