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Norway Oil Fund To Stop FX Purchases

Norway’s central bank, Norges Bank, will not sell Norwegian crowns in January to purchase FX for the country’s oil fund.

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.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.

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