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SOFAZ Imports Another Ton of Gold

On February 1, an additional one ton of gold (32,150 troy ounces) purchased by the State Oil Fund of the Republic of Azerbaijan (SOFAZ) in compliance with the LBMA rules was imported by Azerbaijan via the UK's Brinks Global Services.

The first batch of gold in the same amount was delivered to the country on January 11, leading the total amount of imported gold to be approximately 2 tons (64,300 troy ounces).

Some 16,178 kg. (520,145 troy ounces) of gold was included into the SOFAZ investment portfolio as of February 1, 2013, while other 14,934 kg. (480,146 troy ounces) was included last December.

The gold is temporarily stored at the Central Bank while SOFAZ's new building is being built.

The fund buys physical gold on the London Metal Exchange and temporarily stores it in JP Morgan's London vault.

SOFAZ plans to purchase a total of 30 tons of gold over the next several years. According to the fund's investment strategy approved by President Aliyev on December 29, 2011, up to 5 percent of its total investment portfolio may be invested in gold in 2012.

SOFAZ was established in 1999 when its assets amounted to $271 million. As of Jan. 1, 2013, its assets hit $34.129 billion.

SOFAZ's main purposes are the accumulation of funds and placement of assets abroad to minimize negative economic impact, ensure savings for future generations and maintain the country's current socio-economic standards.

Source: AzerTAc

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