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Norway government seeks to contain budget’s impact on rates, currency

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OSLO, Nov 8 (Reuters) – Norway’s spending of cash from its sovereign wealth fund should not exceed the level proposed in the government’s fiscal budget for 2022, Finance Minister Trygve Slagsvold Vedum told parliament on Monday.

“We must guard against spending more oil revenue which could lead to a faster rise in interest rates. In that case the crown currency could appreciate, making conditions more difficult for companies, and thus jobs, across the country,” he said.

“Interest rate rises also have a direct impact on ordinary people’s economy,” he said. (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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