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SOFAZ not plans to up gold reserves

9 February 2016 14:23 (UTC+04:00)
SOFAZ not plans to up gold reserves

Azerbaijan’s state oil fund SOFAZ has no plans to increase its gold reserves in 2016, a source in the Fund told Trend.

Currently, SOFAZ’s gold reserves portfolio includes 30,175 kilograms of gold, which accounts for about 3.5 percent of total assets.

“Under SOFAZ’s funds management rules, the portion of gold reserves in total assets shouldn’t exceed the five percent limit of the fund’s investment portfolio,” the source said, adding that the issue is not in the agenda of the Fund.

The Fund recently started investing in real estate funds, as the share of investments that can be made in real estate has been increased from 5 to 10 percent.

SOFAZ was established in 1999 with assets of $271 million. Under SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

The main goals of the State Oil Fund include accumulation of resources and the placement of the fund’s assets abroad in order to minimize the negative affect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.

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