| Switzerland |
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A constitutional referendum was held in Switzerland on 18 April 1999 to sever the link between gold and the Swiss franc, which had been required by the Swiss Constitution.
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The Swiss National Bank was the last central bank to hold substantial gold reserves to back its currency. The 2590 tonnes of gold provided 40% of the value of the franc.[1]
The referendum passed, making the franc fully fiat, and the Swiss National Bank began selling its gold reserves. Some of the proceeds were used to set up a "solidarity fund" with developing nations. By November, the gold stockpile was reduced to 25%.[2]
| Swiss constitutional referendum, 1999 | ||
|---|---|---|
| Choice | Votes | Percentage |
| Yes | 969,310 | 59.2% |
| No | 669,158 | 40.8% |
| Valid votes | 1,638,468 | 98.3% |
| Invalid or blank votes | 28,401 | 1.7% |
| Total votes | 1,666,869 | 100.00% |
| Voter turnout | 35.89% | |
| Electorate | 4,643,521 | |
| Source: Federal Chancellor of Switzerland[3] | ||
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