SOFAZ: 'Gold reserves will not be transferred to other assets'

Baku. 2 February. REPORT.AZ/ State Oil Fund of Azerbaijan Republic (SOFAZ) had carried out gold purchase not for purchase or speculative purposes, but just for strategic purposes and sale of purchased gold and replacement with other assets is not planned.

Report was told at the fund.

It was noted that investing in gold has special importance as means of insurance against economic downturn, exchange rate risks and inflation factors as well as is of great significance for diversification of investment portfolio.

Notably, in accordance with investment policy of SOFAZ, up to 5% of total cost of investment portfolio may be invested in gold. To the end of last year, amount of gold, entered into the fund's investment portfolio made 30 175 kg (970 146 troy ounce).