Norway posts $3.4 billion loss

The Bank of Norway was NKr17.6 billion ($3.4 billion) in the red last year, accounts published on Thursday 28 February reveal.

The central bank blamed the deficit on foreign exchange losses resulting from the krone's appreciation.

The krone climbed by 14% against the dollar over the course of 2007.

Foreign reserves are the central bank's main asset with Nkr245.3 billion under management at the end of 2007. The assets of the Norwegian Pension Fund - Global, the country's sovereign wealth fund,