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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies, Trends

Blame Norway

Posted on 15 November 2010

From Stefanmi Karlsson: Norway had a surplus of NOK 311 billion in 2009, or roughly $52 billion, about 1,5 times as much as Sweden. And unlike in Sweden, this surplus was largely the result of the massive purchases of foreign assets by its sovereign wealth fund, who holds assets of more than $500 billion. Relative to GDP, that is much more than China’s foreign exchange reserves.
Norway’s government should, both to reduce global imbalances and give its people a break stop or at least reduce its purchases of foreign assets and instead reduce the tax burden of the Norwegian people. Unfortunately, that is not likely to happen as only the “populist” semi-libertarian Progress Party advocates this and they unfortunately only got 22.9% in the latest election……………………………………….Full Article: Source


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