Azerbaijan to create strategic gold reserves until end of 2014

Photo: Azerbaijan to create strategic gold reserves until end of 2014 / Economy news

Baku, Azerbaijan, March 12

By Emin Aliyev - Trend:

The Strategic gold reserves of Azerbaijan will be established until the end of the year, Executive director of the State Oil Fund of Azerbaijan (SOFAR) Shahmar Movsumov told journalists on March 12.

"As it is known, we can invest in gold up to five percent of the assets. Earlier a strategic decision was made on the purchase of 30 tons of gold in the next two years. Twenty tons of this volume has already been delivered to the country, and the remaining part will be delivered during the year," he said.

These purchases are made in accordance with establishing the country's strategic gold reserves, and not for profit resale, according to the executive director.

"Therefore, the cost of the purchased gold had no special significance. On average, 300 kg of metal at a price of $ 1400-1500 was procured each week during the past period. I would like to note that the last purchase by SOFAR was cheaper - about $ 1,200 - which is associated with a fall in world prices for this metal," Movsumov said.

Translated by S.I.
Edited by C.N.

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