NORWAY - Norges Bank will purchase foreign exchange equivalent to NOK640m per day for the NOK942.4bn (e114bn) Government petroleum fund in November.
The petroleum fund’s foreign exchange requirements are partly covered by the state’s direct financial interest in petroleum activities (SDFI) and partly by Norges Bank’s purchases in the market.
The bank said foreign exchange purchases were not planned in December, because the international equity and fixed income markets were “less liquid” at the end of the year.
“It is therefore undesirable to transfer capital that must be invested as this time,” the bank stated.
The foreign exchange purchasing for November is up from NOK430m in October.
The bank’s purchases of foreign exchange are equal to the difference between the allocations and SDFI’s estimated foreign exchange revenues.
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