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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Norway Taps Its Oil Money ‘Piggy Bank’ to Cope With Economic Downturn

Posted on 08 March 2016

The Norwegian government has announced that it has made its first withdrawal from the country’s massive $826 billion sovereign wealth fund, which it had set up for a “rainy day,” for the first time since it was set up 20 years ago, in an effort to counter an economic downturn.
Norway’s government has made its first withdrawal from the country’s $826 billion sovereign wealth fund, 20 years after first depositing cash from its vast oil sector into the account. The withdrawal took place in January when 6.7 billion Norwegian kroner ($780 million) was used to pay for public spending, according to the local newspaper Dagens Naeringsliv………………………………………..Full Article: Source


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