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Greetings, my dear viewers and this is the fourth part in a series of videos about gold monetization and reserves in the former USSR.

This video is about Azerbaijan, a country of 10 mln in Trans-Caucasian region and major oil and gas producer. This country does not figure as prominently in gold mining statistics as do its neighbors across the Caspian Sea in Central Asia.

Yet Azerbaijan considers gold a strategic reserve. Azerbaijan holds its bullion not in Central bank but in State Oil Fund. As of 1st of October last year the Fund held almost 102 tonnes of yellow metal. Gold accounted for 14.4% of the Fund’s assets.

There are two gold mining concerns in Azerbaijan - AzerGold and Azerbaijan International Mining Company Ltd. They mined 2.7 tons of gold in the first three quarters of 2020 and 3.7 tons for the whole of 2019.

Azerbaijan considers gold in the State Oil Fund a crucial factor supporting the stability of its national currency - manat. The country keeps its gold within its borders.

https://goldenfront.ru/articles/view/neprikasaemyj-zapas-azerbajdzhan-narashivaet-zolotye-aktivy/