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Swiss central bank has no plans to increase gold reserves, says chairman

Kitco Media
By Reuters
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Updated:
Reuters
Swiss central bank has no plans to increase gold reserves, says chairman teaser image

The Swiss National Bank has no plans to alter the level of its gold reserves, chairman Martin Schlegel said at the central bank’s shareholders’ meeting on Friday.

The SNB holds 1,040 tonnes of gold, 70% of which it stores in Switzerland and 30% abroad, Schlegel told the event in Bern.

“We have no plans either to increase or to reduce our gold holdings. Especially over the past year, gold has of course performed well in the context of the portfolio,” Schlegel said.

“Last year’s profit was driven to a significant extent by gold. That means it makes sense to hold a certain share in gold from a diversification perspective as well,” he added.

(By John Revill; Editing by Miranda Murray)

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