August 31, 2017 / 8:05 AM / in a year

Norway cuts crown purchases to NOK 650 mln per day in Sept

OSLO, Aug 31 (Reuters) - Norway’s central bank will cut its daily sale of foreign currency unchanged in September, it said on Thursday.

The bank will sell foreign exchange equivalent to 650 million Norwegian crowns per day. Sales in August stod at 850 million.

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.

More details on how and why the central bank trades currency can be seen here: (Reporting by Oslo newsroom)

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