Norway's wealth fund reports earning a full state budget in two months

Only 32 days after exceeding NOK 13trn, Norway’s sovereign wealth fund has passed a new milestone.
Norges Bank Investment Management CEO Nikolai Tangen.
Norges Bank Investment Management CEO Nikolai Tangen.

In January 2023, the Norwegian Government Pension Fund Global, commonly known as the oil fund, reported having accumulated capital in excess of NOK 13trn (EUR 1.17trn).

The first time the sovereign wealth fund’s total value surpassed NOK 12trn (EUR 1.08trn) was in July of 2021. 

Prior to December last year, the valuation of the fund was slightly below NOK 12trn.

During the interim period, the oil fund has raked in revenue outsizing an entire Norwegian state budget, and as of Monday this week passed for first time ever NOK 14trn (EUR 1.26bn)

”The fund’s market value exceeded NOK 14trn for the first time today at 5:33 p.m. [CET]. This happened merely 32 days after passing NOK 13trn. This increase is attributable to 2023’s hitherto strong equities market in addition to the Norwegian krone having weakened,” said Head of Media and Internal Communications Line Altvedt from Norges Bank Investment Management, the institution in charge of managing the wealth fund.

(This article is provided by our Norwegian sister media, FinansWatch)

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