Azerbaijan's state oil fund buys over 30 tons of gold

The State Oil Fund of Azerbaijan (SOFAZ) has increased its gold holdings to more than 30 tons, the fund said.

SOFAZ has bought 30.2 tons of gold as of December 20, with 20 tons of the total delivered to the country.The fund was established in 1999 to manage the former Soviet republics income from the sale of oil and natural gas. It had $35.8 billion of assets as of October 1.

SOFAZ can keep 5 percent of its investment portfolio in the precious metal, according to law.

ANN.Az