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Norway lowers currency buying for oil fund in June
May 31, 2013 / 8:08 AM / 5 years ago

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

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