Norway bank chief warns on politicising wealth fund

Norway’s central bank governor has warned the country’s politicians against using the world’s largest sovereign wealth fund as a political tool, amid a growing debate over what the $1 trillion oil fund should invest in. Oystein Olsen used his annual speech as Norges Bank governor to stress that the fund — which is managed by an arm of the central bank — operates with only one goal: to make the highest possible return at an acceptable risk. In an interview with the Financial Times, Mr Olsen said: “If there are political or ethical or some other dimensions in the mandate, which would also imply that some decisions that are political or ethical in nature are moved away from politicians, and I think political decisions should be made by politicians, not by a manager or even a central bank.” The central bank governor also used his speech to warn of the potential dangers of new climate measures which could push Norway to move away from its oil industry more quickly than planned. 

- Financial Times -



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