SOFAZ to invest in gold

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has started investing in physical gold to increase the diversification and profitability of the investment portfolio, the Fund said in its press release on Thursday.

According to the 2012 Investment Policy of SOFAZ approved by the decree of the President of the Republic of Azerbaijan dated Dec.29, 2011, up to 5 percent of the Investment portfolio of SOFAZ can be invested in gold in 2012.

For this reason, starting from Feb.1, 2012, SOFAZ has begun purchase of gold bars that are in compliance with standards set forth by London Bullion Market Association (LBMA) from the banks which are market-maker members of LBMA. Incorporated in 1987, London Bullion Market Association covers international banks active in gold and silver markets, as well as producers, transportation and refinery companies.


/Trend/