Does it refer to the letter or Norway's Ministry of Finance?

"The letter has now been sent to Norway's Ministry of Finance who will conduct their own assessment and will then make a decision following parliamentary deliberations in June 2018. It's unlikely to have an immediate effect on the fixed income market — as it does not stipulate that the bank has to sell its existing holdings. But traders think such a move could set a precedent for others in the future and could have negative repercussions for emerging markets and Japan."



Both occurrences of it in the paragraph refer to the recently released letter and not the ministry.

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