The State Oil Fund of the Azerbaijani Republic (SOFAR) purchased over 2.8 tons of gold in Q1 2012, Trend reports.
SOFAR started investing in gold on February 1, 2012. It invested in gold bars of banks with membership of the Association of the London Metal Exchange. According to SOFAR’s investment strategy, approved by Azerbaijani President Ilham Aliyev on December 29, 2011, 5% of all investments were spent on gold.
The fund invested a total of $29.629 billion, or 99.43%, of total assets in 2011. The State Oil Fund had assets worth $32.26 billion, according to information on April 1.
