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The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
Downloads
Buildings in the Makati Central Business District
Economic Updates
Monthly Recap: BSP to outpace the Fed in rate cuts 
May 29, 2025 DOWNLOAD
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
May 8, 2025 DOWNLOAD
investment-ss-3
Economic Updates
Policy rate views: Uncertainty stalls cuts
May 8, 2025 DOWNLOAD
View all Reports
Economy 1 MIN READ

Euro, dlr jumps vs Norwegian crown after central bank says to buy foreign currency

March 31, 2022By Reuters
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March 31 (Reuters) – The euro and the dollar jumped against the Norwegian crown as oil prices fell and after Norway’s central bank said it would buy foreign currency for its sovereign wealth fund in April. Norges Bank plans to exchange 2 billion crowns ($231.9 million) per day into foreign currency, which will, in turn, be invested abroad by the wealth fund, already the world’s largest with assets of $1.3 trillion. Economists have said a switch to buying foreign exchange and thus selling crowns may weaken the currency. Oil prices plunged on Thursday on news that the United States was considering the release of up to 180 million barrels from its strategic petroleum reserve , affecting oil-sensitive currencies like the Norwegian crown. The euro was up 1.6% at 9.6988 crowns per euro at its highest level since March 18 . The dollar rose 1.7% against the Norwegian crown .

(Reporting by Stefano Rebaudo, editing by Saikat Chatterjee) ((stefano.rebaudo@thomsonreuters.com ; +39. 0266129431; Reuters Messaging: stefano.rebaudo.thomsonreuters.com@reuters.net ));))

This article originally appeared on reuters.com

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