December 30, 2016 / 9:07 AM / 9 months ago

Norway raises crown purchases to NOK 1 bln per day

OSLO, Dec 30 (Reuters) - Norway’s central bank will increase its daily sale of foreign currency in January, it said on Friday.

The bank will sell foreign exchange equivalent to 1.0 billion Norwegian crowns per day, an increase from a level of 900 million crowns per day since February of 2016.

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.

In December it only trades for the first half of the month to avoid year-end market volatility.

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

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