Norges Bank's foreign exchange purchases for the Government Pension Fund - Global in April 2006
In April, Norges Bank will purchase foreign exchange equivalent to NOK 310 million per day for the Government Pension Fund - Global.
The 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 Fund. Norges Bank's purchases of foreign exchange are equal to the difference between the allocations and the 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.
At end-March, Norges Bank will receive remuneration from the Ministry of Finance for its management of the Government Pension Fund - Global in 2005. The remuneration amounts to approximately NOK 1.2 billion. This will reduce foreign exchange purchases in April by about NOK 80 million per day.
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