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Azerbaijani Central Bank gets over 400 kg of gold from Switzerland for storage

Business Materials 2 November 2018 21:38
The Central Bank of Azerbaijan (CBA) received for storage 400.2 kilograms (12,865.2 troy ounces) of gold from Switzerland.
Azerbaijani Central Bank gets over 400 kg of gold from Switzerland for storage

Baku, Azerbaijan, Nov. 2

By Azad Hasanli - Trend:

The Central Bank of Azerbaijan (CBA) received for storage 400.2 kilograms (12,865.2 troy ounces) of gold from Switzerland, the Ministry of Finance of Azerbaijan reported on Nov. 2.

As the report noted, the gold mined at the Gadabay deposit, after being refined in Geneva, was handed to the CBA to be deposited by the State Service for Controlling Precious Metals and Precious Stones under the Ministry of Finance.

Earlier, the Azerbaijani government received 1,891.7 kilograms of gold bars (60,813.8 troy ounces) of 999.9 fineness.

In general, to date 2,291.9 kilograms (73,679 troy ounces) of gold have been transferred to the CBA for storage. The market value of this gold is $91.7 million.

Based on a production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.

The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and are stored in the government’s account.

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Follow the author on Twitter: @AzadHasanli

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