December 30, 2019 / 9:16 AM / a month ago

Norway to sell NOK 500 mln of FX per day in Jan

OSLO, Dec 30 (Reuters) - The Norwegian central bank will sell foreign exchange equivalent to 500 million crowns per day in January, down from sales equivalent to 700 million crowns per day in December, it said on Monday.

In recent years the bank has been selling the currency because the government’s cash transfers to its sovereign wealth fund have been smaller than earlier expected and the national budget is using more of the country’s oil-related income.

But in 2019, the government’s transfers to the fund were larger than expected. “For that reason, the total amount of foreign exchange to be sold in 2020 has been reduced by 20 billion crowns,” the central bank said in a statement. (Reporting by Gwladys Fouche, editing by Victoria Klesty)

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