OSLO, April 25 The value of Norway's sovereign
wealth fund, the world's largest, rose to a record 8 trillion
Norwegian crowns ($935 billion) on Tuesday, data from its
manager showed, increasing the money available for public
The fund, run by a unit of the central bank, invests
proceeds from Norway's oil and gas industry in foreign stocks,
bonds and real estate, and is now worth more than 2.5 times the
country's annual gross domestic product.
A five-percent weakening of the crown since February has
helped boost the value of the fund, whose holdings are
denominated in foreign currencies, more than the government
projected, increasing the money that can be used for public
spending under parliament's budget framework.
Last October, the right-wing minority coalition predicted
that the fund would be worth 7.67 trillion at the end of 2017.
Under a recently revised fiscal rule, governments can spend
3 percent of the fund's value per year, corresponding to 240
billion crowns of the current size, while the 2017 budget
earmarks only 226 billion, or 2.8 percent of the 8 trillion
($1 = 8.5568 Norwegian crowns)
(Reporting by Terje Solsvik; Editing by Camilla Knudsen and