NORWAY - The value of investments in the Norway Government Pension Fund - Global increased to NOK2.6trn (€305.6bn) by the end of November after a brief dip in value the previous month.

Latest figures from Norges Bank's monthly balance sheet showed the value of the pension fund slipped from a high of NOK2.55trn at the end of the third quarter, to NOK2.496trn in October. (See earlier IPE article: Norway Global sees record return despite external losses)

However, the scheme continued to invest Norway's oil revenue in non-domestic financial instruments, such as bonds, equities, money market instruments and derivatives, and increased the value of assets in November to NOK2.591trn.

This is a recovery of almost NOK100m over the month and means both the Government Pension Fund - Global and its Norwegian sections are above the combined target value of NOK2.49trn by the end of the year - a target which was set in the government's revised budget earlier in 2009. (See earlier IPE article: Norway global heads towards NOK 2.2trn)

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