Azerbaijan's SOFAZ to hike Gold reserves to 30 tons
Sofaz, established in 1999 to manage the Caspian Sea nation’s income from the sale of oil and natural gas, started investing in gold in February 2012.
Azerbaijan's State Oil Fund of Azerbaijan said it will increase gold reserves to 30 tonnes by the end of this year.
According to SOFZ Executive Director Shahmar Movsumov, Fund has purchased 22-23 tonnes of gold so far and 7-8 tonnes have already been brought to Azerbaijan.
Movsumov stated that SOFAZ is not concerned about changes in the prices of gold at the world markets and it does not intend to sell gold due to low price.
Sofaz, established in 1999 to manage the Caspian Sea nation’s income from the sale of oil and natural gas, started investing in gold in February 2012.
The fund bought 18.4 metric tons by the end of the first quarter and said it plans to increase the holdings to 30 tons by the year-end. Sofaz’s assets grew 0.6 percent in the first quarter from the end of last year.
Sofaz is also planning to invest $1 billion in real estate this year, with a focus on Asian markets, Movsumov said.
Sumber : Google
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