16:17 - 27.02.2020

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February 27, Fineko/abc.az. Gold makes up 11.4% of the investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ), said Fund’s executive director Israfil Mammadov in an interview.

He noted that the inclusion of gold in the SOFAZ investment portfolio, first of all, is of a strategic nature due to the diversification of the portfolio and the policy of hedging against inflation. Lately, amid growing geopolitical tensions on a global and regional scale, as well as uncertainty in financial markets, the importance of strategic investments of this type has been growing.

"The total volume of gold in the SOFAZ investment portfolio as of 31 December 2019 made up 11.4% (101.2 tons or $4.93 bn). The share of gold produced by AzerGold is 1.77 tons ($81 million) of gold received. Gold purchases were made in accordance with market prices. With taking into account the volume of the investment portfolio and price factors, the target share provided for in the investment portfolio of SOFAZ gold mining can be increased accordingly (up to 10% of the total value of the investment portfolio with maximum interval of 3%)," Mammadov said.