November 29, 2019 / 9:03 AM / 17 days ago

Norway to purchase at NOK 700 mln/day Dec 1-13

OSLO, Nov 29 (Reuters) - Norway’s central bank will sell foreign currency amounting to 700 million Norwegian crowns per day in December, but will conduct them only in the period Dec. 1-13 it said on Friday.

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

In order to make funds available to be spent as part of the government’s fiscal budget, Norges Bank exchanges currency earned from the country’s oil industry and its sovereign wealth fund into Norwegian crowns.

In November the daily foreign exchange sales also amounted to 700 million crowns. (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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