Oslo, January 31 (QNA) – Norway’s sovereign wealth fund reported a record USD164 billion loss for 2022, the largest since the 2008 financial crisis.
The fund’s investments returned -14.1 percent in 2022, ending a three-year run of soaring profits.
“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,” said Norges Bank Investment Management CEO Nicolai Tangen.
The Norwegian sovereign wealth fund holds over USD1.2 trillion in assets and its returns depend largely on market movements. Also, it manages Norway’s oil and gas wealth. (QNA)