Norges Bank's foreign exchange purchases in November 2012
Norges Bank will not purchase foreign exchange for the Government Pension Fund Global in November.
In October the Ministry of Finance decided that with effect from 2012 allocation of funds to the Government Pension Fund Global (GPFG) will be made in December. As a result, approximately half of the initial transfer in November will be made in December this year. It also means that the foreign exchange revenues from the State's Direct Financial Interest in petroleum activities (SDFI) in December now can be used to cover the allocation to the GPFG in 2012. In addition, Norges Bank has increased the size of the petrobuffer portfolio considerably through 2012 for covering the transfers towards the end of the year. These changes have reduced Norges Bank's need to purchase foreign exchange in the market.
The Ministry of Finance determines the size of the monthly allocations to the GPFG. 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. 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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