State Oil Fund of Azerbaijan to purchase 30 kg gold a week or up to 15 tons per year
Baku, Fineko/abc.az. State Oil Fund of Azerbaijan (SOFAZ) has made a decision on purchase of another 30 tons of gold.
At the press conference in Baku SOFAZs Executive Director Shahmar Movsumov reported that share of gold in the Funds investment portfolio will be brought up to 5%.
" We are planning to purchase 7.5 tons of gold by the end of the year. On the whole, 15 tons weekly or 30 tons annually will be bought ",- Sh. Movsumov said.
In his words, this process in the Fund is realized on fully transparent principle. The Fund purchases physical gold.
At that the Fund assets will be brought up to $34-35 bn by late 2012.
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