October 31, 2017 / 9:06 AM / a year ago

Norway keeps crown purchases at NOK 650 mln per day in November

OSLO, Oct 31 (Reuters) - Norway’s central bank will keep its daily sale of foreign currency unchanged in November, it said on Tuesday.

The bank will sell foreign exchange equivalent to 650 million Norwegian crowns per day. Sales in October also stood at 650 million.

In order to make funds available to be spent as part of the government’s fiscal budget, Norges Bank exchanges currency earned from the country’s oil industry and its sovereign wealth fund into Norwegian crowns.

More details on how and why the central bank trades currency can be seen here: bit.ly/2iIfmLq (Reporting by Oslo newsroom)

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