Selling: Norway will sell its local currency to buy foreign stocks
Oslo plans $22m daily foreign spending
Norway's central bank will sell Nkr150 million ($22.16 million) per day in February to buy foreign exchange for the country's oil fund, after refraining from sales in the two previous months, the bank said today.
The central bank manages Norway's $300 billion Government Pension Fund, which invests surplus oil wealth to save for the future when the oil and gas runs out.
The bank sells Norwegian currency each month to invest the fund's money in foreign stocks and bonds.