Guyana’s Natural Resource Fund (NRF) saw significant deposits in the fourth quarter of 2023, totaling $118.9 billion (US$570.11 million), as reported by the Bank of Guyana. This amount included $107.8 billion (US$517.3 million) from profit oil and $11 billion (US$52.81 million) in royalties.
The quarter’s earnings marked a notable increase from the previous three months which had $67.8 billion (US$325.27 million) in profit oil and $11.3 billion (US$54.44 million) in royalties.
The Fund, held at the Federal Reserve Bank, received all royalty payments, while two profit oil lifts from December 2023, amounting to $31.1 billion (US$148.91 million), are expected to be deposited in early 2024.
Additionally, the NRF earned $5.6 billion (US$27.04 million) in interest income during the quarter, an increase from the $5 billion (US$24.20 million) recorded in the previous quarter.
Since its establishment, the NRF has accumulated $665 billion (US$3,189.51 million) from 39 profit oil lifts and $91.3 billion (US$438.16 million) from royalties, linked to three vessels operating in the ExxonMobil-led Stabroek Block.
The NRF Board of Directors, in a meeting on June 26, 2023, resolved to keep the funds in a deposit account at the Federal Reserve Bank of New York, earning interest at the prevailing federal funds rate of 5.30%. The Bank of Guyana was tasked with monitoring the rate and advising on potential changes. As of December 31, 2023, the investment strategy remained unchanged, with the federal funds rate steady between 5.25% and 5.5%
