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Norway to sell NOK 500 million per day

Norway's central bank will sell foreign exchange equivalent of 500 million crowns ($67.3 million) per day from in January after selling 250 million crowns per day December 1-12, it said in a statement on Wednesday. The bank is selling the currency because the government's transfers to its $860 billion sovereign wealth fund have been smaller than earlier expected and the budget is spending more of its oil related income.

The bank puts foreign currency to be given to the fund in a "buffer portfolio", which has now become bigger than necessary and the bank said it would gradually reduce the size of this buffer this year by selling foreign exchange in the market.

Copyright Reuters, 2014



 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln