The oil fund passed 1,000 billion dollars

Yngve Slyngstad Government's Pension Fund NorwayLeader of the Norwegian Government's Pension Fund, Yngve Slyngstad. Photo: Terje Pedersen / NTB scanpix

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