Norges Bank poised to complete shift from FX buyer to seller before year's end

Central bank signals it will make no foreign exchange purchases this year


Norges Bank has signalled it will not buy any foreign exchange used to convert krone-denominated state oil revenues into sovereign wealth fund assets in 2014, prompting analysts to predict the bank will complete a "symbolic" switch from net-buyer to net-seller of forex as early as the fourth quarter this year.

The Norwegian central bank said on Friday that estimates made in May indicated it had access to sufficient foreign exchanges revenues via a government investment fund to "cover transfers"

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