Norges Bank sharply increases foreign exchange sales
Central bank converts oil revenues into krone to finance government’s coronavirus response
Norway’s central bank announced it was sharply increasing its daily foreign exchange sales today (March 18), to finance the increase in government spending in response to the coronavirus pandemic.
Norges Bank announced an immediate increase in its daily forex operations on behalf of the government, from Nkr500 million ($47.2 million) per day to Nkr1,600 million.
The sudden change in central bank policy aims to support the government in its efforts to shield the economy from the worst effects
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