SOFAZ to Inform Public about Use of Gold Reserves - Economist

Gold is the property of the people and therefore the public should be informed about its use, the economist Samir Aliyev said. Responding to Turan, the economist said SOFAZ issues unsatisfactory comments about the information of the World Gold Council on reduction of Azerbaijan's gold reserves by 1.03 tons (from 30.2 to 29.1 tons).

Recall that SOFAZ said it did not sell gold. The Fund reports indicated that these gold stocks belong not to the Central Bank, but to the Oil Fund. At the time, the Fund kept gold with the Central Bank for reliable conservation. After commissioning of the new SOFAZ building it was decided to move the gold from the Central Bank to the State Oil Fund. Therefore, a considerable part of the gold was removed, and this was reflected in the documents of the Central Bank.

Questioning the Fund’s statement, the economist Aliyev said that if the gold was withdrawn, the reduction was to be relevant, not just 1.03 tons.

“The Fund’s building was put into operation two years ago. Why have they moved the gold only now?” Aliyev said. ---71D