The value of Norway's sovereign-wealth fund hit $1 trillion on Tuesday, according to Norges Bank Investment Management, the arm of the central bank that manages the fund.
"On Tuesday 19 September 2017 at 02:01 CET, the fund value hit $1,000,000,000,000, or 1 trillion dollar, for the first time," it said.
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The fund, the world's largest, had a rapid increase in 2017 following a strengthening of the world's major currencies against the U.S. dollar, combined with strong equity markets, the bank said.
"Reaching 1 trillion dollars is a milestone, and the growth in the fund's market value has been stunning," said Yngve Slyngstad, Chief Executive of Norges Bank Investment Management.
The fund--commonly referred to as the oil fund--was established to safeguard the country's oil and gas savings, giving the government room for maneuver in fiscal policy should oil prices drop or the mainland economy contract.
The fund states that one day the oil will run out, but the return on the fund should continue to benefit the Norwegian population.
It was also seen to serve as a tool to manage the financial challenges of an aging population and an expected drop in petroleum revenue. The fund was designed to be invested for the long term, but in a way that makes it possible to draw on when required.
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(END) Dow Jones Newswires
September 19, 2017 04:48 ET (08:48 GMT)