Norway lowers currency buying for oil fund in June
OSLO May 31 (Reuters) - Norway's central bank will sell 200 million crowns ($34.32 million) a day in June to buy foreign currency for the country's sovereign wealth fund, the bank said on Friday on its page.
Last month the central bank said it would buy foreign exchange equivalent to 300 million crowns a day so the fund could invest money in foreign stocks and bonds.
The fund invests Norway's revenues from oil and gas production for future generations. It is the world's largest sovereign wealth fund.
The Nordic country is the world's seventh-biggest oil exporter and Western Europe's leading gas exporter.
($1 = 5.8271 Norwegian krones) (Reporting by Gwladys Fouche)
- Tweet this
- Share this
- Digg this
- Xi sees factory China and back office India as global engine
- Google launches $105 Android One; eyes low-price smartphone boom
- Pakistani Islamists use floods to turn opinion against India
- Fed could hint on rate-hike plans as it prepares for policy turn
- South Korea arrests American trying to swim to North Korea - report