Net income from financial instruments in international securities markets, before foreign exchange gains/losses, showed a gain of NOK 30 billion in 2017, compared with a gain of NOK 18 billion in 2016. Equity investments contributed an income of NOK 29 billion, while fixed income investments contributed NOK 2 billion. The Norwegian krone both appreciated and depreciated against the major currencies in the Bank's foreign exchange reserves in 2017. Thus, the foreign currency effect in 2017 was a loss of NOK 1 billion, compared with a foreign exchange loss of NOK 20 billion in 2016. At the end of 2017, the Bank's foreign exchange reserves amounted to NOK 512 billion, an increase of NOK 32 billion from end-2016.

The return on the foreign exchange reserves, excluding the petroleum buffer portfolio, was 6.9 percent in 2017, in international currency terms. The return on equity investments was 18.9 percent and 0.4 percent on fixed income investments. At the end of 2017, the foreign exchange reserves were invested in a fixed income portfolio (60 percent), an equity portfolio (36 percent) and a petroleum buffer portfolio (4 percent).

Norges Bank's total comprehensive income for 2017 shows a profit of NOK 28 billion. In line with the current guidelines for provisions and allocations of Norges Bank's total comprehensive income, the following provisions and allocations will be made: Of the Bank's total comprehensive income of NOK 28 billion, NOK 20 billion has been transferred to the Adjustment Fund and NOK 8 billion to the Transfer Fund. NOK 14 billion will be transferred from the Transfer Fund to the Treasury in 2018.

The Government Pension Fund Global (GPFG) is managed by Norges Bank, and Norges Bank's financial statements include the financial reporting for the GPFG. Financial reporting for the GPFG is also included in the GPFG annual report. See the press release issued in connection with the publication of the GPFG annual report for 2017.

Norges Bank's Annual Report for 2017