Swiss National Bank says Swiss gold vote will hurt efforts to cap franc

Geneva-Switzerland (Nov 16)  The Swiss National Bank opposes the referendum on boosting gold reserves

•The SNB says a yes-vote would put at risk its efforts hold down the Swiss franc against the euro

SNB board member Fritz Zurbruegg was quoted in Switzerland’s Corriere del Ticino newspaper:

•“If the initiative goes through, our capacity to intervene on currency reserves will be reduced dramatically, with unfavourable consequences for the Swiss economy.”

•“The threshold has been crucial and needs to remain in place for as long as necessary”

Source: ForexLive