Norges Bank’s foreign exchange transactions in May 2015
Norges Bank will sell foreign exchange equivalent to NOK 700 million per day in connection with the transfers to the Government Pension Fund Global (GPFG) in May 2015.
Norges Bank makes monthly foreign exchange transfers to the GPFG. The transfers are covered by foreign exchange revenues from the State's Direct Financial Interest (SDFI). If the foreign exchange revenues from the SDFI exceed the transfers to the GPFG, Norges Bank will sell the surplus amount in the market. Norges Bank performs this task on behalf of the government.
Norges Bank places the foreign exchange to be transferred to GPFG in the petroleum buffer portfolio. The transfers to the GPFG have for a period been smaller than expected. The petroleum buffer portfolio has thus become larger than necessary. From 2015, Norges Bank will gradually reduce the size of the petroleum buffer portfolio by selling foreign exchange in the market. Norges Bank aims for the petroleum buffer portfolio to be between NOK 5 billion and NOK 10 billion at the end of each year.
For further information, see Foreign exchange for the Government Pension Fund Global.
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