BAKU, Azerbaijan, July 22. Investments of the State Oil Fund of Azerbaijan (SOFAZ) in gold bars amounted to 21 billion manat ($12.35 billion) by the end of last year.
The data obtained by Trend from SOFAZ shows that this figure surged by 9.5 billion manat ($5.6 billion) or 83 percent compared to the previous year (11.48 billion manat or $6.75 billion).
Established in 1999 with assets amounting to $271 million at the time, SOFAZ is an extrabudgetary fund that operates as a distinct legal entity, independent of the government or central bank. SOFAZ protects and judiciously administers energy-derived revenues for current and forthcoming generations. A fundamental principle of SOFAZ is transparency. During this era, the Fund has evolved institutionally and attained international recognition as an asset management organization.