Norway to sell FX equivalent to NOK 700 million per day in August

Norway's central bank will sell foreign currencies the equivalent of 700 million Norwegian crowns ($85.4 million) per day in August, unchanged from its practice in July, the bank said on Friday on its NOCC page. The bank is selling the currency because the government's transfers to its $900 billion sovereign wealth fund have been smaller than earlier expected and the budget is spending more of its oil-related income.
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. The bank made its first purchase of crowns in October 2014 to cover the government's non-oil-related budget deficit.