Currently, Azerbaijan’s state oil fund SOFAZ has no plans to convert purchased gold to other assets, as well as purchase additional gold, the Fund told APA-Economics.

As for gold investments strategy, SOFAZ said these investments have been chosen for strategic purposes, but not short-term speculative targets.

“As it is known, according to SOFAZ investment policy, up to 5% of investment portfolio may be invested in gold. Currently, gold reserves make 30,175 kilograms (970,146 troy ounces). Generally, investing in gold attaches importance in terms of diversification of investment portfolio as an insurance against factors such as economic collapse, exchange rate risks and inflation”, SOFAZ said.