December 29, 2017 / 9:08 AM / a year ago

Norway keeps crown purchases at NOK 900 mln per day in January

OSLO, Dec 29 (Reuters) - Norway’s central bank will keep its daily sale of foreign currency unchanged at 900 million Norwegian crowns in January, it said on Friday.

The level was raised in December to 900 million per day from 650 million per day in November, although trades were only conducted from Dec. 1-15, in keeping with the bank’s policy of staying out of the market during the year-end holiday season.

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: (Reporting by Oslo newsroom)

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