Subtract Another $7 Billion From the Biggest Wealth Fund: ChartBy
As Norway tries to cope with the oil price crash, the central bank this month boosted its kroner purchases to a record amid rising budget needs. Current oil prices signal the government may now need to take about 57 billion kroner ($6.7 billion) from the wealth fund, up from the 5 billion kroner projected in October -- when Brent crude was above $51 -- according to Nordea Bank. And that’s if the government doesn’t increase its deficit spending from 210 billion kroner with oil prices mired in the $30s.
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