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Sovereign Wealth Funds Briefing - Categorized | Financials, Reserve Currencies

Norway dips into sovereign wealth fund to counter oil rout

Posted on 07 March 2016

Norway said Friday it had, for the first time, drawn out more cash from its huge sovereign wealth fund in January than it paid in, as the oil-rich nation grapples with plummeting crude prices. “State oil revenues have fallen considerably, and for the first time in a long time have become less than the national budget deficit,” state secretary for finance Paal Bjornestad said in an email to AFP.
The government withdrew in January a net 6.7 billion kroner (713 million euros, $780 million) from the fund — much more than the 4.9 billion kroner forecast last year by the right-wing government for the whole of 2016. The fund was as of early Friday stocked with a total 7.0 trillion kroner………………………………………..Full Article: Source


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