Managing Guyana’s Oil Wealth: Monetary and Exchange Rate Policy Considerations

Rina Bhattacharya

No 2022/224, IMF Working Papers from International Monetary Fund

Abstract: International oil producers have discovered commercially recoverable petroleum reserves of around 11 billion barrels that promise to transform Guyana's agricultural and mining economy into an oil powerhouse, while hopefully helping to diversify the non-oil economy. Oil production presents a momentous opportunity to boost inclusive growth and diversify the economy providing resources to address human development needs and infrastructure gaps. At the same time, it presents important policy challenges relating to effective and prudent management of the nation’s oil wealth. This study focusses on one of these challenges: the appropriate monetary policy and exchange rate framework for Guyana as it transitions to a major oil exporter.

Keywords: monetary policy framework; Guyana; exchange rate policy; oil wealth; recoverable petroleum reserve; oil exporter; oil economy; passthrough to inflation; Exchange rate arrangements; Exchange rate flexibility; Exchange rates; Currency markets; Caribbean; Global; Western Hemisphere (search for similar items in EconPapers)
Pages: 35
Date: 2022-11-11
New Economics Papers: this item is included in nep-cba and nep-ene
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