Sovereign wealth fund is a "false good idea," says SNB

The Swiss National Bank (SNB) has rejected the idea of a sovereign wealth fund to manage the issuing institution's foreign currency reserves. This was a "falsely good idea," according to Bank Council President Barbara Janom Steiner at the annual general meeting in Bern on Thursday.

The creation of a sovereign fund from the extensive foreign exchange reserves of the Swiss National Bank (SNB) is not a good idea for SNB bank council president Barbara Janom Steiner. Such a fund would make monetary policy more difficult, she said on Friday.