Norway to Purchase NOK 350 Million Daily in Foreign Exchange for GPFG in March

Money is flowing into the Norwegian Government’s coffers as energy prices rise. Norway is the eighth largest oil exporter on the globe and has generated wealth for its citizens through its mega sovereign fund. The sovereign wealth fund is the largest in Europe.

The Norwegian Ministry of Finance regulates the amount of the monthly allocations to the sovereign fund. Norges Bank will continue to purchase foreign exchange equivalent to 350 million Norwegian crowns (US$ 62.7 million) per day in March for Norway’s Government Pension Fund Global (GPFG). This is following its continued practice in February.

Daily purchases in millions of NOK

2010 2011 2012
January 0 0 350
February 0 0 350
March 0 0 350
April 0 0
May 0 300
June 0 400
July 0 400
August 135 400
September 470 500
October 600 550
November 800 1600
December 0 0

Source: Norges Bank



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