Norway's oil fund reaches new height of 1.09 trillion USD

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OSLO, July 4 (Xinhua) -- Norway's oil fund reached a new height Thursday, now worth 9,277 billion Norwegian kroner (1.09 trillion U.S. dollars), online newspaper E24 reported.

The Norwegian fund, formally known as the Government Pension Fund Global (GPFG), is ranked as the world's biggest sovereign wealth fund.

The increase of over five billion kroner in two months came amid expectations of interest rate cuts in both the United States and Europe, the report said.

"I can confirm that we have never before seen a higher value," Thomas Sevang, press spokesman for the fund, told E24.

The record equalises almost two million kroner per capita in Norway, which has a population of about 5 million.

The oil fund also delivered in the first quarter the strongest ever return of 9.1 percent, or 738 billion kroner, the report said. (1 U.S. dollar = 8.53 Norwegian kroner) Enditem

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