OSLO: Norway’s central bank will sell foreign exchange equivalent of 700 mln Norwegian crowns ($86.5 mln) per day in April.
The bank is selling the currency because the government’s transfers to its $870 billion sovereign wealth fund have been smaller than earlier expected and the budget is spending more of its oil related income.
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The bank usually puts foreign currency to be given to the fund into a “buffer portfolio”, which had become bigger than necessary and has said it would gradually reduce the size of this buffer this year by selling foreign exchange in the market.
