Norway to buy forex for wealth fund in May

OSLO, April 29 Fri Apr 29, 2011 4:20am EDT

OSLO, April 29 (Reuters) - Norway's central bank said it will buy foreign currency for the country's sovereign wealth fund at a rate of about 300 million Norwegian crowns ($57.05 million) per day in May.

The central bank manages Norway's $570 billion Government Pension Fund Global, which invests surplus oil wealth to save for a future when the oil and gas run out.

The bank sells Norwegian currency to invest the fund's money in foreign stocks and bonds. It is one of the world's biggest sovereign wealth funds and Europe's largest equity investor.

Norway is the world's fifth biggest oil exporter and Western Europe's leading gas exporter.

(Reporting by Oslo newsroom)

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