Baku, Azerbaijan, Aug. 29
By Maksim Tsurkov - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) has no plans to increase its gold reserves, SOFAZ told Trend Aug.29.
The fund said that as for today, gold reserves' portfolio of SOFAZ includes 30,175 kilograms of gold, which is about 3.5 percent of total assets.
"In accordance with the rules on the management of finances of the State Oil Fund, the share of gold reserves in total assets must not exceed the limit of 5 percent," said the SOFAZ. "At the moment, increasing gold reserves is not in the plans."
As of July 1, 2015, SOFAZ assets decreased by 3.56 percent compared to early 2015 ($37.104 billion) and were estimated at $35.783 billion.
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 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.