January 31, 2011 / 9:05 AM / 9 years ago

Norway fund to refrain from fx buying in Feb

OSLO, Jan 31 (Reuters) - Norway’s central bank will not sell Norwegian crowns in February to buy foreign exchange for the country’s oil fund, the bank said Monday on its NOCC page, extending its January practice.

The central bank manages Norway’s 3.1 trillion Norwegian crown ($524 billion) Government Pension Fund Global, which invests surplus oil wealth to save for a future when the country’s oil and gas resources run dry.

Norges Bank often sells Norwegian currency to invest the fund’s money into foreign stocks and bonds.

The bank’s global pension fund is one of the world’s largest sovereign wealth funds and Europe’s largest equity investor.

Norway is the world’s fifth biggest oil exporter and Western Europe’s leading gas exporter.

Reporting by Oslo newsroom

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