Norges Bank resumes foreign currency purchases for the Government Petroleum Fund
Norges Bank will resume market purchases of foreign currency for the accumulation of capital in the Government Petroleum Fund on 25 March.
These purchases, along with transfers of foreign currency from the State's Direct Financial Interest (SDFI) in petroleum activities, will contribute through the year to the planned increase of capital in the Fund. Norges Bank intends to purchase foreign currency equivalent to NOK 2-6 billion in 1999.
Norges Bank will publish daily purchase amounts in NOK for the following month on the last business day of each month at 10 am. This is published on screen-based systems (Reuters, Bridge Telerate, Norges Bank's web site http://www.norges-bank.no/markedsinfo).The amount may also be changed after the presentation of the National Budget and the Revised National Budget as a result of new estimates for annual transfers to the Fund.
Daily purchases will amount to NOK 20 million in March. In special cases Norges Bank may decide not to purchase foreign currency due to exchange rate developments.
Norges Bank's liquidity statistics (Reuters NODE, Bridge Telerate 56746, Norges Bank's web site http://www.norges-bank.no/markedsinfo) will distinguish between purchases of foreign currency for the Petroleum Fund and other foreign exchange transactions.
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