February 28, 2018 / 9:03 AM / in 8 months

Norway to sell NOK 800 mln of FX per day in March

OSLO, Feb 28 (Reuters) - Norway’s central bank will sell foreign exchange equivalent of 800 million Norwegian crowns ($101.36 million) per day in March, down from 900 million crowns in February, the bank said on Wednesday.

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 = 7.8924 Norwegian crowns) (Reporting by Oslo newsroom)

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