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Norway To Acquire FX For Wealth Fund

The central bank of Norway will purchase foreign currency for its sovereign wealth fund in May 2011.

The central bank of Norway will purchase foreign currency for its sovereign wealth fund in May 2011, Reuters reports. The bank will buy about $57.05 million per day in May for the Government Pension Fund Global.

The bank sells Norwegian currency to invest the fund’s money in foreign stocks and bonds. The $570 billion fund invests surplus oil wealth to save for a future when oil and gas run out.

Click here for the story from Reuters.

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