Norway’s central bank, Norges Bank, will not sell Norwegian crowns in January to purchase FX for the country’s oil fund, The Wall Street Journal reports. The central bank handles Norway’s $506 billion Government Pension Fund Global, which invests oil wealth to save for a future when the country’s oil and gas resources run dry.The bank sells Norwegian currency to invest the fund’s money in foreign stocks and bonds. In November 2010, the bank sold $135.2 million daily, while in October it sold $102.41 million Norwegian crowns daily, adds Reuters.
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