SOFAZ acquires more than 95 tons of gold

7 August 2019 11:15 (UTC+04:00)

By Trend

As of July 1, 2019, the total volume of gold purchased by the State Oil Fund of the Azerbaijan Republic (SOFAZ) reached 95.47 tons worth $4.3 billion, Trend reports referring to SOFAZ.

SOFAZ was established in 1999 with assets of $271 million.

Based on 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 placement of assets abroad in order to minimize the negative effect to the economy, 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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