June 29, 2018 / 8:08 AM / 19 days ago

Norway to sell NOK 600 mln of FX per day in July

OSLO, June 29 (Reuters) - Norway’s central bank will sell foreign exchange equivalent of 600 million Norwegian crowns ($73.61 million) per day in July, down from 750 million in June, the bank said on Friday.

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 ($1 = 8.1513 Norwegian crowns) (Reporting by Oslo newsroom)

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