The Norwegian central bank
has called on the nation's sovereign wealth fund to invest more in North America.
The wealth fund, being managed by the Norwegian central bank
, owns 1.3 percent of global stocks and shares, making it the largest in the world.
Mid-November, the Norwegian central bank
, which runs the country's sovereign wealth fund - the world's biggest - suggested the government it should dump its shares in oil and gas companies, as it no more advisable.
Riyadh, Safar 11, 1439, October 31, 2017, SPA -- The Minister of Finance Mohammed bin Abdullah Al-Jadaan met here yesterday with the Governor of Norwegian Central Bank
Professor Oystein Olsen in the presence of the Chairman of Board of Directors of the Bank for Investment Management Yngve Slyngstad.
On appointment by the Norwegian Ministry of Finance, the fund is managed by the Norwegian Central Bank
through the Norges Bank Investment Management (NBIM).
"The negative return on equity investments was driven by the slowdown in the global economy and the decline in global equity markets, especially the Chinese market," said Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, which is the part of the Norwegian central bank
that is responsible for managing the fund.
A report by the Norwegian central bank
last month said the total cost of each cash transaction — including handling notes and coins in banks — was estimated at 7.1 crowns (EUR0.78) against only 4.1 crowns (eur0.45) per card transaction.
Both the Norwegian Central Bank
(Norges Bank) and Russian Central Bank (RCB) acted yesterday, albeit in different fashions.
Norway and Singapore have also invested in Taiwan's FHCs, with the Norwegian central bank
now the seventh largest shareholder of Taiwan's Jih Sun Financial Holding Co.
On November 2, the Norwegian central bank
(Norges bank) raised its policy interest rate in November from 2.00 to 2.25 percent.
This fund, which is destined for future generations, is run by the Ministry of Finance which transfers the country's vast oil revenue, whilst the day-to-day management is in the hands of the Norwegian Central Bank
. As the world's third largest oil exporter after Saudi Arabia and Russia, the government says Norway has enough reserves to enable it to produce oil for another 50 years and natural gas a hundred years.