Norwegian Pension Fund reports record losses
At the end of last year, the yield of the Norwegian state oil was minus 14.1%.
The Norwegian Pension Fund (oil fund) suffered a record loss of NOK 1.64 trillion (about $164 billion) in 2022. This is stated in a report published on January 31 on the official website of the Bank of Norway.
It is noted that the yield of the fund last year amounted to -14.1%.
“The market was affected by hostilities in Europe, high inflation and rising interest rates. This negatively affected both the stock market and the bond market. All sectors in the market had negative returns, with the exception of energy,” said Nikolay Tangen, head of the fund.
As of December 31, 2022, the value of the oil fund was approximately 12.4 trillion crowns (about $1.24 trillion).
According to the National Wealth Fund Institute, Norway’s oil fund ranks first in the world in terms of assets among similar financial institutions.
Earlier it was reported that in 2022 Ukrainian banks earned three times less than in the past.
EBRD expects record losses due to assets in Russia and Belarus
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