Stabilization Fund of Turkmenistan

At a glance. The Stabilization Fund of Turkmenistan, founded in 2008, mainly holds state budget surpluses. It sits beside a separate Foreign Exchange Reserve Fund for oil and gas revenue, set up in 1989. Both are believed to be active and funded, but no figures on their size or management are public. The US government puts the country's sovereign net foreign assets at about USD 45 billion. S1

Key points

• Founded in 2008 to hold state budget surpluses. S1
• A separate Foreign Exchange Reserve Fund, from 1989, holds oil and gas revenue. S1
• Size and management are not disclosed. S1
• The 2025 state budget totals 123,798.1 million manat in revenue and spending. S2
• The 2025 budget law sends surpluses first to repaying bank loans and to development spending. S2

Interesting facts

• Sovereign net foreign assets are estimated at about USD 45 billion by the US government. S1
• Wages, pensions, benefits and stipends are protected budget items. S2
• Deficits are financed by borrowing or by unspent budget balances. S2

Mandate and goals

The fund stores budget surpluses as a buffer for public finances; the 1989 FX Reserve Fund holds hydrocarbon revenue. S1

• Hold state budget surpluses. S1
• Support budget stability. S1 S2

How it invests

Past investments

The fund has not published a list of investments.

Case studies

Two-fund reserve structure S1

• What: Turkmenistan keeps budget surpluses in the 2008 Stabilization Fund and hydrocarbon revenue in the 1989 Foreign Exchange Reserve Fund.
• When: 1989 and 2008
• Size: Not disclosed
• Why: Separating fiscal surpluses from gas export income.
• Outcome: Both funds are believed to be active and funded.

Investment process

No mandate or investment process is published. The Ministry of Finance and Economy runs a website for investors. S1

How to approach: The Ministry of Finance and Economy is the government contact point. S1

Size and returns

• Headline size: Not disclosed (Published estimate, as of 2025-09-01) S1
• Sovereign net foreign assets (country estimate, not fund size): About USD 45B (Published estimate, as of 2025-09-01) S1
• Returns: the fund does not publish a return figure.

Leadership

The fund does not publish named leaders.

Governance and transparency

• Legal basis: Not published; budget surpluses governed by the annual State Budget law S1 S2
• Oversight: Government of Turkmenistan S1

Transparency score: 1.0 of 10 (band 1 of 5). Our own 10-item rubric; see the methodology page.

• Partly published: governance and mandate documents, regular reporting schedule. S1 S2
• Not published: total assets, annual return, long-term returns, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, named leadership. S1

History

Reports

• Law on the State Budget for 2025 (Russian): https://turkmenistan.gov.tm/index.php/ru/post/90076/zakon-turkmenistana-o-gosudarstvennom-byudzhete-turkmenistana-na-2025-god S2

Common questions

What is the Stabilization Fund of Turkmenistan?

A fund founded in 2008 that mainly holds state budget surpluses. S1

How big is it?

Not disclosed. The US government puts national sovereign net foreign assets at about USD 45 billion. S1

Is there another fund?

Yes, the Foreign Exchange Reserve Fund, set up in 1989 for oil and gas revenue. S1

Related profiles

• Bhutan Economic Stabilization Fund (BESF) Bhutan · Nu 167M
• Mongolia Fiscal Stability Fund Mongolia · Not published
• Taiwan National Stabilization Fund Taiwan · NT$500B funding ceiling
• Government Pension Investment Fund (GPIF) Japan · JPY 293.6T
• China Investment Corporation China · USD 1,567B
• GIC Private Limited Singapore · About USD 1.16T, estimate

All sovereign wealth funds in Asia · All stabilisation funds · All funds in Turkmenistan

Sources

1. S1U.S. Department of State, 2025 Investment Climate Statement: Turkmenistan
2. S2Law of Turkmenistan on the State Budget for 2025 (Russian)