SNB’s Zurbruegg Says Gold Initiative Would Hurt Credibility

Via Bloomberg:

• The Swiss National Bank’s credibility will suffer if voters back an initiative requiring it to hold at least 20% of its assets in gold, Governing Board Member Fritz Zurbruegg says in interview with Aargauer Zeitung
• “The SNB won’t be able to totally fulfill its legal mandate any more if it is accepted”
• Hopes voters will reject initiative

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This is about the vote to be held in Switzerland on November 30 on the requiring it to hold at least 20% of its assets in gold, & that would also block sale of any SNB gold holdings and require all SNB gold be located in Switzerland

The SNB, oppose the initiative, saying it would hinder the implementation of monetary policy