30 Nov 2014
Switzerland: Gold referendum clearly rejected
FXStreet (Bali) - The Swiss gold initiative, which would have required the SNB to hold 20% of its reserves in gold, well and truly failed.
Early projections from Swiss broadcaster SRF showed 77% of voters rejecting the proposal. As a reminder, the gold vote was seen as a threat to the SNB and its ability to defend the EUR/CHF cap overtime.
The SNB released a statement after the gold referendum, noting the following: "The Swiss National Bank is pleased to hear of the outcome of the gold initiative vote. An acceptance of the initiative would have severely constrained the SNB in fulfilling this mandate."
SNB added: "We will continue to enforce the minimum exchange rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities to this end. The SNB will take further measures immediately if required."
Early projections from Swiss broadcaster SRF showed 77% of voters rejecting the proposal. As a reminder, the gold vote was seen as a threat to the SNB and its ability to defend the EUR/CHF cap overtime.
The SNB released a statement after the gold referendum, noting the following: "The Swiss National Bank is pleased to hear of the outcome of the gold initiative vote. An acceptance of the initiative would have severely constrained the SNB in fulfilling this mandate."
SNB added: "We will continue to enforce the minimum exchange rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities to this end. The SNB will take further measures immediately if required."