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Bank chief urges privatisation

Svein Gjedrem, governor of the Norwegian Central Bank, said in a major speech that strong economic growth would result if the state sold its extensive share in the industrial sector. He said the state tends to be a passive shareholder instead of insisting on aggressive corporate performance. At the same time, he cast doubt on the government's plan to sell a large portion of state-owned oil reserves, calling today's ownership structure an "extraordinarily effective money-making machine."