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Norway To Sell $93M A Day To Buy FX For SWF

Norway’s central bank will sell $93.1 million daily in September to purchase foreign currency for the country’s sovereign wealth fund.

Norway’s central bank will sell $93.1 million daily in September to purchase foreign currency for the country’s sovereign wealth fund, Reuters reports. Norway’s $549 billion Government Pension Fund Global, managed by Norges Bank, invests surplus oil wealth to save for the future in case the country’s oil and gas resources run dry.

In August, the central bank announced that it would acquire FX equivalent to $74.21 million a day so the fund could invest money in foreign stocks and bonds. The bank’s global pension fund is one of the largest sovereign wealth funds and Europe’s largest equity investor.

Click here for the story from Reuters.

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