0.12 per 100 euro. Our analyses show that the pension sector's trading in foreign securities contributes to explaining changes in the exchange rate of the krone. It is interesting to note that the significance of this sector to the exchange rate appears to have increased in recent years.
4  BIS Review 123/2006  Our analyses also show that portfolio investments to and from the euro area have a greater impact on the exchange rate of the krone than equivalent portfolio investments to and from the rest of the world.