Norway's net foreign assets rose NOK 3.4tn in a quarter to a record NOK 22.8tn
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Norway's net foreign assets rose NOK 3.408tn in the second quarter, Statistics Norway said Wednesday. The net international investment position ended June at a record NOK 22.825tn, 17 percent above March.
Most of that was valuation. Market gains on overseas portfolio investments supplied the largest part of the increase, while a weaker Norwegian krone raised their value when translated back into kroner. The Government Pension Fund Global recorded a NOK 2.476tn total gain during the quarter.
New investment was smaller. Norway's net lending in the financial account reached NOK 470bn, up from NOK 279bn in the first quarter, with NOK 392bn of portfolio investment abroad. Purchases of debt securities accounted for NOK 315bn of that.
The current account also strengthened. Its surplus rose to NOK 298bn from NOK 266bn in the first quarter and NOK 204bn a year earlier. Statistics Norway put the larger trade surplus chiefly on higher petroleum prices.


