Baku: The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is set to increase its gold reserves to 170 tons within the year, as announced by Farhad Zeynalov, the director of the Fund’s Investment Department.

According to Azeri-Press News Agency, Mr. Zeynalov revealed that SOFAZ purchased 44.8 tons of gold in 2024, with 41 tons already transported to Azerbaijan. This acquisition has elevated the total volume of the Fund’s gold reserves to 146.6 tons.

Mr. Zeynalov stated that the Fund’s gold purchases are ongoing, with plans to continue acquiring more gold during April and May of this year. The objective is to elevate the reserves to 170 tons, which would constitute 25% of the Fund’s portfolio.