Azerbaijan to receive ton of gold

President of the State Oil Fund of the Azerbaijani Republic (SOFAR) Shakhmar Movsumov said that the fund received the first portion of gold purchased on the world market totaling 1 ton.

It will be stored at the Central Bank.

According to data of October 1, 2012, there were 10.851 tons of gold, 350,146 ounces. Gold is purchased at the London Exchange and stored at JP Morgan.

SOFAR plans to buy about 30 tons of gold in two years. The fund is allowed to keep 5% of portfolio in real estate and gold. SOFAR will have assets total about $34 billion at the end of the year.

Adapted from vestnikkavkaza.net