Norway's oil fund avoids FX after recent losses

The Bank of Norway said it would not buy foreign exchange for its sovereign wealth fund, the Government Pension Fund, in December. The announcement follows news that Nkr104.4 billion ($18.9 billion) was knocked off the value of the fund, a store of the country's vast oil wealth, in the third quarter by the appreciation of the krone.

The krone's appreciation was enough to ensure that the fund made a loss in the third quarter, despite making a Nkr 21.3 billion return on investment.

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