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

Managing Guyana’s Oil Wealth: Monetary and Exchange Rate Policy Considerations
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Volume/Issue: Volume 2022 Issue 224
Publication date: November 2022
ISBN: 9798400225994
$20.00
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Topics covered in this book

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Finance , Economics- Macroeconomics , Economics / General , 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

Summary

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.