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    Azerbaijan sold 2 tons of gold in February

    Share of the total foreign exchange reserves of gold fell by 0.7 percentage points© Courtesy İmage

    Baku. 10 March. REPORT.AZ/ Azerbaijan has 20 tons of gold reserves as of March 1, which is 9,09% lower in comparison with data reveled on February 1, 2016, Report informs, referring to report of the World Gold Council (WGC).

    The share of gold in foreign exchange reserves fell by 0.7 percentage points. Azerbaijan keeps 11.8% of its total reserves in gold. The country owns 62th biggest gold reserves in the world.

    Notably, International Monetary Fund (IMF) announced that Azerbaijan sold 4.2 tons of gold, in other words 14.39% of its reserves, in October.

    Azerbaijan State Oil Fund (SOFAZ) reported to hold 30.17 tons of gold reserves in September. But IMF told the figure was 29.182 tons.

    The US, Germany and IMF are top three gold reserve holders in the world. US has 8133.5, Germany - 3377.9 tons of gold reserves, which makes up respectively 74.6% and 68.8% of their total currency reserves.

    Mongolia is a country with smallest gold reserves with 1,5 ton, which makes 5,1% of its overall currency reserves. 

    ***

    The State Oil Fund of Azerbaijan (SOFAZ) declared that the report issued by the World Gold Council about the sale of gold reserves of Azerbaijan is untrue. The fund told Report that total amount of gold purchased by the SOFAZ was 30.2 tons: "Purchased gold brought to Azerbaijan and kept in Central Bank of Azerbaijan. In order to keep gold reserves in storage, since last year gold reserves were delivered by parts from Central Bank's treasury to the Fund's treasury. Information in connection with the sale of Fund's gold reserves is untrue. At present, the Fund doesn't intend to sell gold reserves. If there is any information, the fund to make it public".

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