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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Norway central bank seen increasing crown purchases in 2017 due budget

Posted on 07 October 2016

Norwegian central bank will increase its daily purchases of Norwegian crowns next year, two economists said on Thursday, after the government presented a 2017 budget that will use more money from the wealth fund than in the current year.
The central bank is selling foreign exchange because the government’s transfers to its sovereign wealth fund have been smaller than before and the national budget is using more of the country’s oil-related income. On Thursday the government said it would use 3.0 percent of the value of the sovereign wealth fund in 2017, or 225.6 billion crowns, up from 2.8 percent and 205.6 billion crowns this year……………………………………Full Article: Source


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