The State Oil Fund of the Republic of Azerbaijan (SOFAZ) sold 22.1 tons of gold during the first quarter of this year, reducing its total gold reserves to 178.1 tons. Operative Information Center-OMM reports this citing official data from the Fund.
According to the statement, the share of gold in the investment portfolio of SOFAZ stood at 35.6% as of January 1 of the current year. This represents a decrease of 9.8 percentage points compared to the same period last year. The strategic adjustment reflects the Fund's ongoing management of its diversified investment portfolio in response to global market conditions.
SOFAZ, established in 1999, serves as Azerbaijan's sovereign wealth fund, responsible for managing the country's oil and gas revenues to ensure macroeconomic stability and preserve wealth for future generations. The Fund invests in various asset classes globally, including foreign currencies, equities, real estate, and gold, to maximize long-term risk-adjusted returns for the Republic of Azerbaijan.
