November 29, 2013 / 9:07 AM / 6 years ago

Norway will not sell any crowns for oil fund in Dec

OSLO, Nov 29 (Reuters) - Norway’s central bank will not sell any Norwegian crowns in December to buy foreign currency for the country’s $810 billion sovereign wealth fund, the bank said on Friday, in line with its practice in November.

The fund invests Norway’s surplus revenues from oil and gas production for future generations and the central bank usually converts crowns into various currencies for the fund

However, the 2014 budget bill anticipates significantly lower tax revenue transfers to the oil fund and the bank stopped currency purchases in November.

The oil fund is the world’s largest sovereign wealth fund.

The Nordic country is the world’s seventh biggest oil exporter and Western Europe’s top gas exporter. (Reporting by Oslo newsroom)

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