Monday, September 26, 2022

Guyana earns GY$60 billion in profit oil, royalties for July

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The latest monthly report on Guyana’s Natural Resource Fund (NRF) shows that the account earned GY$10.646 billion in royalties and GY$50.127 billion in profit oil. This totals approximately GY$60.773 billion (US$291.477 million).

The Bank of Guyana report states that net outflows for the month totaled $41.7 billion. This was the second withdrawal ever made by the government from the Fund, to support the 2022 budget. The withdrawal was approved earlier this year by the National Assembly. This left the balance of the fund at GY$176.3 billion (US$845.608 million).

During the second quarter ended June 30, 2022, the account had recorded a profit of GY$266.04 million (US$1.28 million) solely due to interest earned on deposits. Inflows to the Fund at that time as well had amounted to GY$48.4 billion (US$232.16 million) comprising of profit oil – GY$44.01 billion (US$211.11 million) and royalties – GY$4.39 billion (US$21.06 million).

The Natural Resource Fund was formed by the enactment of the Natural Resource Fund Act 2019 which was passed in the National Assembly on January 3, 2019 and assented to by the President on January 23, 2019.

This act was subsequently replaced with the Natural Resource Fund Act 2021 which was passed in the National Assembly on December 29, 2021 and assented to by the President on December 30, 2021. The Act gives the Bank of Guyana the responsibility for the operational management of the Fund.

To date, there has been no investment mandate for the Fund and all petroleum revenues are held as cash deposits in the account.

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