February 28, 2017 / 9:05 AM / 9 months ago

Norway cuts crown purchases to NOK 850 mln per day

OSLO, Feb 28 (Reuters) - Norway’s central bank will reduce its daily sale of foreign currency in March, it said on Tuesday.

The bank will sell foreign exchange equivalent to 850 million Norwegian crowns per day. In February the level was 1.0 billion crowns per day.

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 (Reporting by Oslo newsroom)

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