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Sovereign Wealth Funds Briefing - Categorized | Investment, Market, Reserve Currencies

Norges Bank to spend NOK350M a day in forex markets in May

Posted on 02 May 2012

Norway’s central bank said Monday it plans to buy foreign currency worth 350 million Norwegian kroner ($61.2 million) a day in May for its oil fund, continuing on the same pace since January.
Norges Bank has sold NOK350 million a day since January to buy foreign currency for the Pension Fund Global, which is also known as Norway’s oil fund. Norges Bank manages the fund, the world’s largest sovereign wealth fund, according to a report from consulting firm Monitor Group. The fund was set up in 1990 to safeguard Norway’s oil wealth and has a market value of over $600 billion………………………………………..Full Article: Source


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