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Norway wealth fund earned $123 bln in 2020 despite pandemic

Pictures from downtown Oslo, Norway. A man walks by the central bank of Norway, home to the The Government Pension Fund of Norway, a stabilization fund that may be the world's largest sovereign wealth fund. (Photo: Bloomberg / Kyrre Lien)
By Reuters
28 Jan 2021
0

OSLO, Jan 28 (Reuters) - Norway's $1.3 trillion sovereign wealth fund, the world's largest, earned a return on investment of 10.9% in 2020, or 1.07 trillion Norwegian crowns ($122.7 billion), it said as it reported full-year results on Thursday.

“Despite the pandemic having put its mark on 2020, it has been yet another good year for the fund,” Central Bank Governor Oeystein Olsen said in a statement. The fund is managed by a unit of the central bank.

“However, the high return also reminds us that the market value of the fund might vary a lot going forward,” he said. ($1 = 8.7208 Norwegian crowns)

(Reporting by Gwladys Fouche, editing by Terje Solsvik)

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