Norges Bank’s foreign exchange transactions in July 2021
Norges Bank will sell foreign exchange on behalf of the government equivalent to NOK 1700 million per day in July 2021.
Norges Bank purchases foreign currency from the 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 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.
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