Norges Bank's foreign exchange purchases for the Government Petroleum Fund in July 2005
In July, Norges Bank will purchase foreign exchange equivalent to NOK 360 million per day for the Government Petroleum Fund.
The Petroleum Fund's foreign exchange requirements are partly met by the state's direct financial interest in petroleum activities (SDFI) and partly by Norges Bank's purchases in the market.
The Ministry of Finance determines the size of the monthly allocations to the Petroleum Fund. Norges Bank's purchases of foreign exchange are equal to the difference between the allocations and SDFI's estimated foreign exchange revenues. Adjustments are made for any revisions of estimates for the previous month. As a result, the daily purchases may vary from one month to the next. The daily foreign exchange purchases are determined for a period of one month at a time and are published on the last business day of the preceding month.
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