At the end of last year, the yield of the Norwegian State Oil Fund reached minus 14.1%.
The Norwegian Pension Fund (oil fund) suffered a record loss of NOK 1.64 trillion (about $164 billion) in 2022. This was stated in a report published on January 31 on the Bank of Norway’s official website.
It was noted that the yield of the fund last year reached -14.1%.
“The market has been affected by the conflicts in Europe, high inflation and rising interest rates. This has negatively affected both the stock market and the bond market. All sectors in the market have negative returns, except for energy ,” said Nikolay Tangen, head of the fund.
As of December 31, 2022, the value of the oil fund is about 12.4 trillion kroner (about $1.24 trillion).
According to the National Wealth Fund Institute, Norway’s oil fund is first in the world in terms of assets in similar financial institutions.
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EBRD expects record losses due to assets in Russia and Belarus
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Source: korrespondent
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