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Norway raises crown purchases to NOK 900 mln per day in Dec
November 30, 2017 / 9:06 AM / 14 days ago

Norway raises crown purchases to NOK 900 mln per day in Dec

OSLO, Nov 30 (Reuters) - Norway’s central bank will raise its daily sale of foreign currency in December, it said on Thursday.

The bank will sell foreign exchange equivalent to 900 million Norwegian crowns per day. Sales in November stood at 650 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: bit.ly/2iIfmLq (Reporting by Oslo newsroom)

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