The oil fund passed 1,000 billion dollars
The value of the oil fund passed officially $ 1,000 billion for the first time during Tuesday night.
A strengthening of world currencies against the dollar and positive development in the stock markets has led to a rapid increase in fund value measured in US dollars in 2017, according to a press release from Norges Bank.
Leader Yngve Slyngstad of Norges Bank Investment Management (NBIM), which manages the fund, calls it a milestone.
“The growth in the fund’s market value has been incredible. When the fund received its first investment of oil money in May 1996, I think nobody imagined that the fund would reach $ 1,000 billion. This is a milestone. says Slyngstad.
© NTB Scanpix / Norway Today
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