OSLO, May 30 (Reuters) - Norges Bank now believes it will neither have to buy nor sell foreign exchange on behalf of the country’s wealth fund this year, the central bank said on Friday.
It had previously said it might have to switch in 2014 from being a buyer of Norwegian crowns to a seller, but now suggests this shift could take place in 2015.
“Norges Bank will not purchase foreign exchange for the (fund) in 2014,” the bank said in a statement.
“Somewhat further ahead, the government’s foreign currency revenues from (oil production) may exceed the transfers to the (fund). In that case, the surplus foreign exchange will have to be sold in the market,” it added.
The central bank had earlier said it did not expect to buy any foreign currency over the coming months and that it could buy crowns later in the year. (Reporting by Gwladys Fouche, editing by Terje Solsvik)