State Oil Fund of Azerbaijan (SOFAR) has released information about its gold resources.
According to official information of SOFAR, since quarter 1, 2012 the Fund started purchase of gold and BY October 1, 2012 and its volume reach 10 tons 891 kilo (350,146 ounces).
The Oil Fund stored the gold reserves in the western banks and this demanded extra expenses. In mid-2012 the Fund decided to move the gold reserves to Azerbaijan. All legal issues of the import have been solved with the government.
According to the Azerbaijan Cabinet of Ministers' decision, gold import for SOFAR was exempt from VAT and customs duties.
SOFAR's gold resources will be stored in the Central Bank of Azerbaijan (CBA).-0-
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