Norges Bank’s foreign exchange transactions in December 2016
Norges Bank will sell foreign exchange equivalent to NOK 900 million per day up to and including 16 December in connection with the transfers to the Government Pension Fund Global (GPFG) in December 2016.
Norges Bank purchases foreign currency from the State's Direct Financial Interest (SDFI) each month. If the government's net cash flow from petroleum activities exceeds the non-oil budget deficit, some of the foreign exchange purchased from the SDFI is transferred to the Government Pension Fund Global (GPFG). Norges Bank sells the remaining amount in the market.
If the government's net cash flow from petroleum activities is insufficient to cover the non-oil budget deficit, foreign exchange will be transferred from the GPFG to cover some of the budget deficit. Norges Bank will then sell foreign exchange from the GPFG, as well as the foreign exchange from the SDFI, in the market. Norges Bank performs this task on behalf of the government.
For further information, see Norges Bank’s foreign exchange transactions with the GPFG
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