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Norway Fund Not To Buy Forex In Feb

Norway will not issue Norwegian crowns to buy foreign exchange for its oil fund in February 2011.

Norway will not issue Norwegian crowns to buy foreign exchange for its oil fund in February 2011, Reuters reports. The $524 billion Government Pension Fund Global, run by Norges Bank, invests surplus oil wealth to save for a future when the country’s oil and gas resources run dry.

The central bank sells Norwegian currency to invest the fund’s money into foreign stocks and bonds. The Norwegian central bank did not buy forex in January also.

Click here for the story from Reuters.

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