Norway’s sovereign wealth fund will have to liquidate assets in order to make “room to maneuver” through an economic crisis, according to Bloomberg.
This is the first time in its history that Norway’s sovereign wealth fund is having to liquidate its assets, as the coronavirus pandemic and low oil prices impact markets.
Norges Bank governor Oystein Olsen, who oversees the country’s $1-trillion bank, told Bloomberg Television that this will provide “room to maneuver” through the worst economic crisis since World War II.
“It’s part of the general guidelines that in such circumstances you can spend more,” Olsen said in an interview with Bloomberg Television.
“It obviously is a positive feature of our society that we have this room to maneuver, unlike a number of other countries.”