NORWAY - Norway's Government Pension Fund Global is to purchase foreign exchange in November equivalent to NOK800m ($135m) a day.
Norway's central bank will purchase the currency for the fund which is set up to safeguard the country's oil wealth.
Norges Bank said the fund's monthly allocations will be established by the Ministry of Finance and the bank's purchase in currency will amount to the difference between the allocations and the SDFI's estimated foreign exchange revenues.
The pension fund's foreign exchange requirements are partly met by the state's direct financial interest in petroleum activities (SDFI) and by Norges Bank's purchases in the market, the bank said.
Earlier this month the fund's assets under management hit NOK3trn, its highest level for 14 years. (Global Pensions: October 19, 2010).
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