25.7 C
Saturday, May 25, 2024

Norway’s Sovereign Wealth Fund Loses a Record $164 billion

Must read

- Advertisement -
Listen now
Getting your Trinity Audio player ready...

Norway’s Sovereign Wealth Fund (SWF) on Tuesday reported a record loss of 1.64 trillion Norwegian kroner ($164 billion) for the whole of 2022, citing “very unusual” market conditions.

“The market was impacted by war in Europe, high inflation, and rising interest rates. This negatively impacted both the equity market and bond market at the same time, which is very unusual,” Norges Bank Investment Management CEO Nicolai Tangen said in a statement.

“All the sectors in the equity market had negative returns, with the exception of energy,” Tangen said.

The fund’s previous largest loss was 633 billion kroner in 2008 amid the global financial crisis.

The $1.3 trillion fund was established in the 1990s to invest the surplus revenues of Norway’s oil and gas sector. To date, the fund has invested in more than 9,300 companies in 70 countries around the world.

- Advertisement -

More articles


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -spot_img

Latest article