The value of Norway's sovereign wealth fund hit a record high of $1 trillion early on Tuesday, the sovereign wealth fund's operator, Norges Bank Investment Management (NBIM) announced on Tuesday.
NBIM said that a strengthening of the world’s major currencies against the U.S. dollar, combined with strong equity markets, have rapidly increased the U.S. dollar value of the fund in 2017.
"I don’t think anyone expected the fund to ever reach $1 trillion when the first transfer of oil revenue was made in May 1996," said CEO of NBIM Yngve Slyngstad.
"Reaching $1 trillion is a milestone, and the growth in the fund’s market value has been stunning," the CEO added.
Norway, Europe’s largest oil producer and the world’s third-largest natural gas exporter after Russia and Qatar, holds the world's biggest fund.
The fund, as of December 2016, was invested in 48 different Turkish companies, and totalled almost $1 billion.
(Anadolu Agency)
