March 18, 2020 / 7:14 AM / 22 days ago

Norway central bank increases purchase of crowns to support government spending

OSLO, March 18 (Reuters) - Norway’s central bank will increase its daily purchase of Norwegian crowns to 1.6 billion crowns ($152 million) per day from 500 million crowns earlier, selling foreign currency to secure funds for government spending, it said on Wednesday.

“The effects of the coronavirus outbreak on the Norwegian economy and the measures implemented to limit the consequences of the outbreak entail an increase in government spending and a decline in government revenues,” Norges Bank added.

$1 = 10.5259 Norwegian crowns Reporting by Terje Solsvik, editing by Victoria Klesty

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