Wednesday, 9th June 2004 (2572 views)

The Swiss parliament is in discussion as to how to spend funds from the sale of the Swiss National Bank's excess gold reserves.

Reportedly the government wants to use the money from the sale of 1,300 tonnes of excess gold for a special fund to gain annual interest payments of $364 million.

Plans to use the proceeds on humanitarian projects were rejected and latest ideas are to use some of the money to support social security and education systems, according to swiss info.

Decisions over what to do have actually been running for several years.

The excess gold reserves were first put on the market in May 2000, aiming to invest the proceeds in the public sector.

To date over 1,000 tonnes of gold have been sold according to a National Bank spokesman.

 

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