SOFAZ to increase gold reserves to 30 tonnes

Fri 06 September 2013 10:18 GMT | 15:18 Local Time

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State Oil Fund of Azerbaijan will increase gold reserves to 30 tonnes by the end of 2013, said the Executive Director Shahmar Movsumov.

Movsumov says the Fund has purchased 25 tonnes of gold so far and 5 tonnes are expected to be purchased by the year-end.

Movsumov stated that gold investments are strategic in nature: “Gold price volatility does not bother the Fund, because this is a continuous process. Currently, there is a debate with the government to continue the purchase of gold”

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