The central bank spokesman says the ad is inappropriate at a time when Nazi gold is making waves.
Watch manufacturer SMH, which markets the Swatch watch, has launched a campaign with the slogan "Gold Ends Up in Switzerland," a statement which has caused a furor at the central bank in Berne.
The slogan, published in one of the German-language newspapers earlier this week, relates to the gold medals won recently by Swiss skiers at a world championship where Swatch was the main sponsor.
However, the central bank spokesman said, the ad was improper at a time when the Nazi gold controversy was making so many waves.
SMH management said the ad was not intended as an apology, either direct or implied, for the Jewish bank deposits affair. "The ad related to Switzerland’s worldwide image as a country whose banks contain a lot of gold," a senior manager was quoted in the newspaper "Journal de Geneve."