Polish mortgage-holders shouldn't fear Swiss referendum
PR dla Zagranicy
Peter Gentle
03.11.2014 09:17
A positive vote in Switzerland's 30 November referendum on increasing gold reserves could increase the value of the Swiss currency, making around 700,000 mortgage payments in Poland more expensive.
Swiss francs: photo - wiki
Although recent polls showed some popularity for the “Save our Gold” initiative in Switzerland, most expect a 'No' vote at the end of the month, however, which would be good news for Poles who took out loans in Swiss francs.
Piotr Kuczyński of investment firm Xelion called the situation a “storm in a teacup”, saying even if the Swiss vote yes to increasing gold reserves, the effects would not be seen for years.
“The Swiss central bank has three years to prepare the relevant regulations, then they would be implemented over the next five years. This adds up to eight years,” Kuczyński told Polish Radio.
“Firstly, the risk of these changes is low and second, it is not certain that the franc will appreciate immediately,” says Dorota Strauch from Raiffeisen Polbank
According to the latest polls, 38% of voters would support the Swiss gold initiative and 47% are against. (kw/pg)