SovereignWealthFunds.comMacroeconomic Stabilization Fund of Venezuela
Macroeconomic Stabilization Fund of Venezuela: what it invests in
Geography Global
Macroeconomic Stabilization Fund of Venezuela: how big it is, and on what basis
In US dollars: about USD 0.003B. Reported in US dollars; FEM line of central bank weekly reserves.
Macroeconomic Stabilization Fund of Venezuela: what it publishes
Published 3 · Partly 1 · Not published 6
Our 10 item score. It measures what is public, not how well a fund is run.
- ReportingS3
- Weekly (Central bank reserves table)
At a glance. The FEM is Venezuela's oil income stabilisation fund, attached to the Central Bank of Venezuela and run by its Board. The 2003 law routes oil revenue above the five-year average into the fund to shield fiscal, exchange-rate and monetary balance. The central bank reports a steady balance of USD 3 million in its weekly reserves table. S1 S3 S4
Key points
- Balance of USD 3 million at 25 September 2026, shown as the FEM line in central bank reserves. S4 S3
- Total reserves that week were USD 12,727 million, of which the central bank held USD 12,724 million. S4
- The fund has no legal personality and is attached to the central bank. S1
- Oil revenue above the five-year average is meant to flow in under the 2003 law. S1
- The central bank Board sets investment policy and approves withdrawals. S1
Interesting facts
Mandate and goals
The fund aims to stop swings in oil income from upsetting fiscal, exchange-rate and monetary balance by saving windfalls and releasing them in the cases set out in law. S1
How it invests
| Industries | Financial services. Sector agnostic S1 |
|---|---|
| Asset classes | Cash and money markets, Fixed income S1 |
| Stages | Public markets S1 |
| Geography | Global. Held with the central bank's international reserves S1 |
| Direct / through funds / co-invest | Yes / No / No S1 |
| Managed in house | 100 percent S1 |
| Ticket size | Not applicable; the fund is a stabilisation account. S1 |
| External managers | Not described S1 |
| Co-investment programme | None S1 |
Past investments
The fund has not published a list of investments.
Case studies
The 2003 funding rule S1
- What: The 2003 law tied deposits to oil income above its five-year average: hydrocarbon income tax, extraction tax and PDVSA dividends, plus related transfers to state entities.
- When: April 2003
- Size: Excess over five-year average
- Why: To save oil windfalls instead of spending them as they arrive.
- Outcome: The rule remains the legal basis; extraordinary contributions are also allowed.
Investment process
The central bank Board acts as the fund board: it approves the annual budget and results report, sets investment policy and approves withdrawals in the cases listed in the law. S1
| Committee | Role |
|---|---|
| Board of Directors, Central Bank of Venezuela | Fund board under the 2003 law S1 |
- The Executive transfers excess oil income to the fund. S1
- The central bank invests the balance under its Board policy. S1
- Withdrawals are approved only in the cases set by law. S1
- An annual results report goes to the National Assembly. S1
How to approach: No external approach route. S3
Size and returns
Leadership
| Name | Title | Since |
|---|---|---|
| Luis Pérez | President, Central Bank of Venezuela (fund board) S6 | 2026-04 |
Governance and transparency
- Legal basis: Law of the Macroeconomic Stabilization Investment Fund, Official Gazette 37.665 of 4 April 2003 S1
- Oversight: Central Bank of Venezuela Board; annual report to the National Assembly S1
- Auditor: Not published S3
- The fund has no legal personality of its own. S1
- Not an IFSWF member. S2
Transparency score: 3.5 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
The FEM is a small stabilisation account inside the central bank and has no programmes for outside investors. S1 S4
Reports
- Fund law, Official Gazette 37.665: https://venezuela.justia.com/federales/leyes/ley-del-fondo-de-inversion-para-la-estabilizacion-macroeconomica-fiem/gdoc/ S1
- Central bank total reserves table with FEM line: https://www.bcv.org.ve/estadisticas/reservas-internacionales-totales-bcvfiemfem S3
Common questions
What is the FEM?
Venezuela's oil income stabilisation fund, attached to the central bank. S1
How much does it hold?
USD 3 million at 25 September 2026. S4
Who runs it?
The Board of the Central Bank of Venezuela acts as its board. S1
Is it an IFSWF member?
No. S2
Related profiles
- Budgetary Income Stabilization Fund Mexico · MXN 136.6B
- Heritage and Stabilisation Fund (Trinidad and Tobago) Trinidad and Tobago · USD 6.25B
- Savings and Stabilization Fund (FAE), Colombia Colombia · USD 4,588.5M
- Economic and Social Stabilization Fund (FEES), Chile Chile · USD 3,885.14M
- Fiscal Stabilization Fund of Peru Peru · USD 3,214.38M
- Pension Reserve Fund (Fondo de Reserva de Pensiones) Chile · USD 10.71B
All sovereign wealth funds in Latin America and Caribbean · All stabilisation funds · All funds in Venezuela
Sources
- S1Law of the Macroeconomic Stabilization Investment Fund, Official Gazette 37.665
- S2IFSWF, members list
- S3Central Bank of Venezuela, total international reserves (BCV and FEM)
- S4Finanzas Digital, Venezuela international reserves 25 September 2026
- S5Panorama, Venezuela reserves weekly report
- S6CNN en Español, changes at the Central Bank of Venezuela
Disclaimer
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