Azerbaijani Economy 6 august — 17:02

State Oil Fund reports on gold purchases


The total volume of gold purchased by the State Oil Fund of Azerbaijan (SOFAZ) at the end of June 2019 is 95.47 tonnes, SOFAZ told Azeri Daily.

'As of 30 June 2019, the share of gold in the structure of the State Oil Fund's investment portfolio is 95.47 tonnes (3 million 69 thousand 414.783 troy ounces) worth $4 billion 356.4 million,' SOFAZ said in a statement.

Regarding the absence of Azerbaijan in the updated report (1 August) of the World Gold Council on statistics of official gold reserves of the world, the State Oil Fund said that this organisation receives information about the gold reserves of countries from the IMF, and this statistics includes gold stocks that are on the balance of such monetary and fiscal structures as ministries of finance and central banks. Therefore, investments of SOFAZ in gold were not reflected in the organisation's quarterly report.

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