Norway's central bank will sell foreign exchange equivalent of 700 million Norwegian crowns per day in July, unchanged from its practice in June, the bank said on Tuesday on its page. The bank is selling the currency because the government's transfers to its $900 billion sovereign wealth fund have been smaller than earlier expected and the budget is spending more of its oil related income.
The bank usually puts foreign currency to be given to the fund into a "buffer portfolio", which had become bigger than necessary and has said it would gradually reduce the size of this buffer this year by selling foreign exchange in the market. The bank made its first purchase of crowns in October 2014 to cover the government's non-oil-related budget deficit.