Azerbaijan, Baku, September 26 / Trend, E.Ismaylov /
In 2014 the gold reserves of the State Oil Fund of Azerbaijan (SOFAR) will reach 40 tons, head of the Azerbaijani State Oil Fund Shahmar Movsumov told journalists on Thursday.
According to him, until late 2013 the total amount of gold purchased by the fund will reach 30 tons, 20 of which will be delivered to the country.
"So far 26 tons of gold was purchased, most of which has already been delivered to the country," Movsumov said.
According to him, the process of a phased purchase of gold for three years is effective and allows for the provision of the average cost of purchased gold considering the volatility of prices for this precious metal. Earlier, the State Oil Fund planned to buy gold by parties in two years.
The Oil Fund began buying gold in the first quarter of 2012.
According to the strategy of the State Oil Fund, up to five per cent of the investment portfolio may be directed for the purchase of gold.
As of July 1, the Oil Fund's assets increased by 1.6 per cent compared to early 2013 ($34.129.4 million), amounting to $34.678.4 million.
The State Oil Fund was established in 1999 and at that time its assets amounted to $271 million.