Azerbaijan increases gold reserves

Shakhmar Movsumov, Executive Director of the State Oil Fund of the Azerbaijani Republic (SOFAR), said that the country will double gold reserves to 30 tons. The SOFAR started investing in gold in February 2011 and bought 15 tons of gold for $1.5 billion in 2012.

The purchased gold is stored in London and is being shipped to Azerbaijan in portions. About a ton of gold has been shipped today. It is stored at the Central Bank of Azerbaijan and will be taken to the new administrative building of the SOFAR in late 2013.

Movsumov said that 5% of SOFAR’s portfolio should be spend on gold. The figure may increase in the future.

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