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Norway Central Bank Ramps Up Currency Purchase for Wealth Fund

by CBDC Insider
September 1, 2022
in Business, Europe
Reading Time: 1min read
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Norway Central Bank Ramps Up Currency Purchase for Wealth Fund
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Norway’s central bank said on Wednesday it would sharply increase its purchase of foreign currency for its sovereign wealth fund in September, amid a surge in the country’s oil and gas revenues.

Norges Bank plans to exchange 3.5 billion Norwegian crowns ($355.41 million) per day into foreign currency, up from 1.5 billion per day in August, which will in turn be invested abroad by the wealth fund. ($1 = 9.8477 Norwegian crowns) (Reporting by Terje Solsvik, editing by Stine Jacobsen)

Read more at financialpost.com

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