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Norway to sell NOK 900 mln of FX per day Dec 1-16
November 30, 2016 / 9:06 AM / a year ago

Norway to sell NOK 900 mln of FX per day Dec 1-16

OSLO, Nov 30 (Reuters) - Norway’s central bank will sell foreign exchange equivalent of 900 million Norwegian crowns per day from Dec 1-16 after selling 900 million crowns a day throughout November, it said in a statement on Wednesday.

Norges Bank limits the number of days it conducts foreign exchange transactions in the month of December to avoid year-end market volatility.

The bank is selling the currency because the government’s transfers to its sovereign wealth fund have been smaller than earlier expected and the national budget is using more of the country’s oil-related income.

The bank made its first purchase of crowns in October 2014 to cover the government’s non-oil-related budget deficit. (Reporting by Terje Solsvik, editing by Alister Doyle)

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