Norway has lost billions of savings

The Norwegian National Welfare Fund in the first six months of 2022 lost $ 174 billion due to global inflation, the fall of the value of securities and war in Ukraine, writes Bloomberg.

In the reserves of the Fund at the beginning of the year there were about $ 1.3 trillion, it lost 14.4% of the value of its assets. “The market was characterized by an increase in interest rates, high inflation and war in Europe (in Ukraine – Ed.),” Said Norges Bank Investment Management and Foundation manager Nikolai Tangen.

In all sectors where the fund invested, in the first half of the year, negative profitability was recorded.

Sovereign Foundation of Norway is the largest in the world, it is almost the standard of how you can use the revenues of the country’s oil and gas industry to increase state funds and use them to pay pensions and social support to citizens. The foundation founded in 1996 invests excess income from the Norwegian oil and gas sector and owns shares in thousands of companies around the world, owning 1.3% of all registered shares.