Left Menu
Development News Edition

UPDATE 1-Norway names new central bank board members to strengthen wealth fund oversight


UPDATE 1-Norway names new central bank board members to strengthen wealth fund oversight

Norway appointed four new central bank board members on Friday in a long-planned bid to enhance oversight of its $1.1 trillion sovereign wealth fund, which is the world's largest.

Among the board's first tasks will be hiring a new chief executive to replace Yngve Slyngstad, who announced his resignation from the fund last month after 12 years, during which the value of its asset rose fivefold. "The asset management expertise of the executive board will be strengthened," Norway's finance ministry said in a statement.

Central bank governor Oeystein Olsen will continue to lead the nine-person board, which includes his two deputy governors as well as six external members, all of whom are Norwegian. The new members of the board are Benedicte Schilbred Fasmer, Arne Hyttnes, Hans Aasnaes, and Nina Udnes Tronstad, who all have backgrounds in banking or investment management, as well as from other industries. Two others had their current terms extended.

The fund, called the Government Pension Fund Global and set up in 1996 to save petroleum revenues for future generations, has grown to almost three times Norway's annual gross domestic product, far exceeding original projections. While the executive board has broad responsibilities for the central bank's operations, it will no longer be in charge of setting interest rates, which has instead been delegated to a separate committee chaired by the governor.

"With the establishment of a monetary policy and financial stability committee, the board may to a greater extent than today focus its efforts on the other activities of the bank, in particular, the management of the Government Pension Fund Global," Finance Minister Siv Jensen said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Future of Food: Technology fostering the road to global food security

Technological innovation can help address most of the pressing issues facing the world today including food security by enhancing productivity, improving financial services, managing resources, addressing environmental concerns, etc....

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Now it’s a war, Uganda deploys army to combat locust swarms

Its for the first time after 1986, the locust swarms have attacked Uganda twice in a season. With the increasing number of countries of Africa under attack by locust swarms, the problem seems to have taken a regional paradigm. Its very diff...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Videos

Latest News

UPDATE 1-S.Korea reports 169 new coronavirus cases, including first U.S. soldier

South Korea reported 169 new coronavirus cases on Wednesday, including a U.S. soldier, as health authorities readied an ambitious plan to test more than 200,000 members of a church hit hardest by the countrys outbreak.The new cases pushed t...

Heat happy to return home, host hapless Timberwolves

Home is where the wins are for the Miami Heat. The Heat, coming off an embarrassing road loss to the Cleveland Cavaliers, will return home on Wednesday to face the Minnesota Timberwolves.At home, the Heats 23-3 record is one of the three be...

UPDATE 1-'Chaos ... coming our way' - Top quotes from the Democratic presidential debate

Democratic presidential front-runner Bernie Sanders came under attack from his rivals on Tuesday as seven candidates competing to take on U.S. President Donald Trump in November debated in Charleston, South Carolina. Here are quotes from th...

Kuwaiti reports two new coronavirus cases, taking total to 11

Kuwait announced on Wednesday there were two new coronavirus cases in the country, with the infections occurring among people returning from Iran.The new cases bring the total number to 11 in Kuwait, according to a statement by the health m...

Give Feedback