Swiss upper house rejects initiative that would force SNB to double gold holdings
‘Gold initiative' would jeopardise bank's mandate, warns finance minister
Switzerland's upper house gave the thumbs down to a controversial proposal yesterday that would force the Swiss National Bank (SNB) to more than double its gold holdings by requiring the bank to permanently hold 20% of its assets in bullion – but the rule could still ultimately become law in a popular referendum later this year.
The ‘gold initiative', the brainchild of the right-wing Swiss People's Party (SVP), which also calls for SNB gold to be repatriated to Switzerland – much of it is
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