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Sovereign Fund of Norway has lost 124 billion dollars due to the collapse of markets

Europe / Business and Finance

the world's Largest national wealth Fund lost per month more than $ 100 billion because of the collapse of the markets and falling oil prices.

Sovereign Fund of Norway has lost 124 billion dollars due to the collapse of markets

Norwegian state wealth Fund, the largest in the world, down 1.33 trillion Norwegian kroner (about 124 billion U.S. dollars) this year, because of falling stock markets on the background of the pandemic of coronavirus, said the Fund Thursday.

currently, the Fund is estimated at 930 billion dollars, compared to more than 1 trillion dollars at the end of last year. Its investment portfolio fell by 16.2%, destroying almost 20% profit achieved last year, while its portfolio of stock market - its main asset class - have lost 22.8% of its value.

Separately, the Norwegian Central Bank said earlier on Thursday that it has appointed a new Executive Director and will announce his name at a press conference.

the Outgoing CEO Yngve Slyngstad resigned in October last year after 12 years of work. During his tenure, the Fund value has increased dramatically due to rising stock markets and a solid income from the oil and gas industry in Norway.

the asset Manager, formerly known as Norges Bank Investment Management, a division of the Central Bank allocates revenues from the oil and gas industry of Norway in foreign stocks, bonds and real estate.

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