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Norway to sell NOK 400 mln daily in June for SWF
May 31, 2011 / 8:08 AM / 6 years ago

Norway to sell NOK 400 mln daily in June for SWF

OSLO, May 31 (Reuters) - Norway’s central bank will make daily sales of 400 million Norwegian crowns ($73.56 million) in June to buy foreign exchange for the country’s oil fund, the bank said on Tuesday, extending its May practice.

Last month the central bank sold 300 million crowns so the fund could invest money in foreign stocks and bonds.

Norges Bank manages Norway’s 3.1 trillion Norwegian crown ($524 billion) Government Pension Fund Global, which invests surplus oil wealth to save for a future when the country’s oil and gas resources run dry.

The bank’s global pension fund is one of the world’s largest 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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