July 31, 2018 / 8:10 AM / in 3 months

Norway to sell NOK 600 mln of FX per day in August

OSLO, July 31 (Reuters) - Norway’s central bank will sell foreign exchange equivalent of 600 million Norwegian crowns ($73.78 million) per day in August, unchanged from 600 million in July, the bank said on Tuesday.

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 ($1 = 8.1323 Norwegian crowns) (Reporting by Oslo newsroom)

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