October 29, 2010 / 8:05 AM / 9 years ago

Norway c.bank to sell NOK 800 mln daily in Nov

OSLO, Oct 29 (Reuters) - Norway’s central bank will increase its daily sales of Norwegian crowns in November to buy foreign exchange for the country’s oil fund, the bank said on Friday.

Daily transactions will be 800 million Norwegian crowns ($136.4 million), up from 600 million crowns in October.

The central bank manages Norway’s $500 billion Government Pension Fund — Global which invests surplus oil wealth to save for a future when the oil and gas run out.

The bank sells Norwegian currency to invest the fund’s money in foreign stocks and bonds. It is one of the world’s biggest 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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