The Supervisory Council of Norway’s national bank, Norges Bank, recently visited Singapore to learn more about investment strategies, capital markets, risk management and how Singapore manages its sovereign wealth.
The council is appointed by the Norwegian parliament to oversee Norges Bank’s activities and ensure compliance with the rules governing the Bank’s operations. During their visit they met with Monetary Authority of Singapore (MAS), Government of Singapore Investment Corporation (GIC), the investment holding company Temasek, and the Singapore Exchange. Prudent, long term management of foreign reserves was a key issue in the council’s meeting with Singapore authorities.
The council also visited NBIM Singapore – one of four offices overseas tasked with managing The Government Pension Fund, Norway’s Sovereign Wealth Fund (SPU). The SPU is a fiscal policy tool that supports long-term management of Norway’s petroleum revenues. The fund is managed by NBIM on behalf of the Ministry of Finance, which owns the fund on behalf of the Norwegian people.
The visit by the Supervisory Council served to consolidate the close relationship between Norway and Singapore within management of sovereign wealth. The fact that co-operation in this area has become an important part of our bilateral ties is a good example of how the relationship between Norway and Singapore is evolving into new areas, says Ambassador Tormod C. Endresen.