04.02.2016 - SOFAZ refuses to transfer its gold reserves into other assets
Azerbaijan’s state oil fund SOFAZ is not planning to transfer its gold reserves into other assets. SOFAZ buys gold not for the sake of purchase or other speculative purposes but for strategic purposes, the Fund told Report. The investment strategy of SOFAZ presupposes that up to 5 percent of total cost of investment portfolio may be invested in gold. The amount of SOFAZ gold assets was 30,175 kg or 970,146 troy ounces by late 2015. The Fund further noted that sale of the gold reserves or its replacement with other assets is not in the agenda of SOFAZ...............................................Full Article: Source
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