Norway's Gjedrem on petroleum and the economy

In the speech 'Petroleum and the Norwegian economy' given on 30 August Svein Gjedrem of Norges Bank stressed the role of the Petroleum Fund in stabilizing the krone.

He said: "The Petroleum Fund acts as a buffer and dampens the wide fluctuations in the krone exchange rate that petroleum revenues might otherwise have generated.

"An increase in petroleum revenues will result in higher capital outflows from the Petroleum Fund. Operators in the foreign exchange market may at times have a tendency to

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