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Azerbaijan to increase gold reserves by 2 times in 2013

Baku. Nijat Mustafayev – APA-Economics. Azerbaijan will reach gold reserves up to 30 tonnes within this year, executive director of SOFAZ Shahmar Movsumov said, APA-Economics reports.

 

To him, SOFAZ started to invest in gold since February of last year and the Fun obtained 15 tonnes gold in amount of $1.5 bn: ‘At present, the gold is kept in London. We have started to bring about 330 kg gold to Azerbaijan per week. The amount of gold brought to the country is nearly 1 tonnes’. 

 

Movsumov noted that at present, despite the fact that the gold brought form London is kept at the CBA, SOFAZ will establish special treasury in newly-constructed administrative building and Azerbaijan’s gold reserve will be maintained at this treasury: ‘The construction of the administrative building will be completed until the end of 2013’.

 

Movsumov also added that according to the strategy of SOFAZ, the capital invested in gold must make up to 5% of Fund’s investment portfolio: ‘The mentioned 5% is enough for Azerbaijan. But nevertheless, we may increase this figure. In general, by the end of 2013 we will purchase more 15 tonnes gold. We intend to hit gold reserves up to 30 tonnes’. 

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