FIEM - Macroeconomic Stabilization Fund
Country: Venezuela
Established: 1999
US$ Billion: 0.8
Origin: Oil
Transparency Rating: 2
Summary:
FIEM, which translates to the Fund for Investment of Macroeconomic Stabilization, is a fund created by the authority of the Presidency of the Republic. The regulation of the fund by the Board of the Central Bank of Venezuela (BCV) began in December of 1999. The fund serves to hedge the fluctuation of income generated by crude oil.
The Board of the Central Bank of Venezuela (BCV) governs FIEM and ensures compliance, approves annual operating budgets, approves annual fund reports, issues internal regulations, approves expenditures, establishes policies, and ensures that the fund functions as they desire. Approved annual fund reports are submitted to congress no later than fifteen days.
The main resource of FIEM consist of the revenue generated from Petróleos de Venezuela SA and any profits resulting from crude oil operations by Petróleos de Venezuela SA. Any contributions made by the National Executive may also be considered a resource for FIEM.
News and Updates
2/9/2008
Location
HEADQUARTERS:
Av. Urdaneta esq. Las Carmelitas
Caracas 1010 - Venezuela
Postal Address: Apartado 2017, Carmelitas
Caracas 1010 - Venezuela
Wiring Address: BANCENTRAL
e-mail: info@bcv.org.ve
Telephone: (+58-212) 8015111
Fax: (+58-212) 8611649 -
8610048 8018368 -
8018393 8018622
Website
Fund for Macroeconomic Stabilization
1. All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their holdings, from other publicly available sources.
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