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Norway to buy NOK 350 mln in forex daily for SWF in March
February 29, 2012 / 9:05 AM / 6 years ago

Norway to buy NOK 350 mln in forex daily for SWF in March

OSLO, Feb 29 (Reuters) - Norway’s central bank will purchase foreign exchange equivalent to 350 million Norwegian crowns ($62.8 million) per day in March for the country’s oil fund, the bank said on Wednesday on its page, continuing its February practice.

Last month the central bank said it would buy foreign exchange equivalent to 350 million crowns a day so the fund could invest money in foreign stocks and bonds.

Norges Bank manages Norway’s $606 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 eighth biggest oil exporter and Western Europe’s leading gas exporter.

$1 = 5.5728 Norwegian crowns Reporting by Walter Gibbs

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