In January of this year, a significant shift occurred in the ranking of Azerbaijan’s top trading partners. It is worth noting that the State Oil Fund of Azerbaijan (SOFAZ) is the country’s largest gold importer. SOFAZ increased its gold reserves to 146.6 tons in 2024, which now accounts for 20.6 percent of its total investment portfolio. According to information provided to local media, the Fund aims to increase gold’s share in its investment portfolio to 25 percent this year.
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