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Gnomes of Zurich

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Dictionary Says

Definition of 'Gnomes of Zurich'

A term used by British labor ministers during the 1964 Sterling Crisis to refer to Swiss banks.
Investopedia Says

Investopedia explains 'Gnomes of Zurich'

British labor ministers were convinced that the foreign exchange speculation activities of Swiss banks were causing the devaluation of the Sterling.

Just like the gnomes of legends, who dwell underground counting their riches, Swiss bankers were known for their extremely secretive policies.

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