Azernews.Az

Additional 1 ton of gold (32,150 troy ounces) purchased by the State Oil Fund of the Azerbaijan Republic (SOFAZ) in compliance with the rules set forth by the LBMA was imported to Azerbaijan by the UK's Brinks Global Services on March 1, 2013 . The golds is temporarily stored in the vaults of the Central Bank of Azerbaijan.

The total amount of gold imported by SOFAZ to Azerbaijan is approximately 3 tons (96,450 troy ounces). Some 17,422 kg (560 145 troy ounces) was included into SOFAZ investment portfolio till March 1, 2013.

The State Oil Fund of Azerbaijan, the sovereign wealth fund, was set up in December 1999 by the Presidential Decree as an extra-budgetary entity which accumulates and manages oil and gas revenues of the country.

The Fund's primary objectives are to help maintain macroeconomic stability in the country and to generate wealth for present and future generations. As of 01 January, 2013, assets of SOFAZ totaled $34.129.4 mln. In accordance with the amendments under the Presidential decree dated October 27, 2011 made to "Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan" up to 5% of the investment portfolio can be invested in gold.