No plans to increase gold reserves in 2016 – SOFAZ

No plans to increase gold reserves in 2016 – SOFAZ

Baku, Azerbaijan, Feb. 9

By Maksim Tsurkov - Trend:

The State Oil Fund of Azerbaijan (SOFAZ) has no plans to increase its gold reserves in 2016, a source in the Fund told Trend.

To date, 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. "At the moment, increasing gold reserves isn't included in the Fund's plans."

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 placement of assets abroad in order to minimize the negative effect on the economy, preventing the "Dutch disease" to some extent, promoting resource accumulation for future generations and supporting current social and economic processes in Azerbaijan.

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Follow the author on Twitter: @MaksimTsurkov

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