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State Oil Fund imports additional 1 ton of gold to Azerbaijan

05 April 2013 12:35 (UTC +04:00)

The total amount of gold imported by the Oil Fund to Azerbaijan is approximately 4 tons (128 600 troy ounces).

18 666 kg (600 146 troy ounces) gold was included into SOFAZ investment portfolio as of April 5, 2013.

The State Oil Fund of Azerbaijan, the sovereign wealth fund, was set up in December 1999 by the Presidential Decree as an extra-budgetary entity which accumulates and manages oil and gas revenues of the country. The Fund’s primary objectives are to help maintain macroeconomic stability in the country and to generate wealth for present and future generations. As of 01 January, 2013, assets of SOFAZ totaled USD 34 129.4 mln. In accordance with the amendments under the Presidential decree â„– 519 dated October 27th, 2011 made to "Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan" up to5% of the investment portfolio can be invested in gold.