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FM
Former Member

US Federal Reserve is safest place to save Guyana’s income from oil -Central Bank Governor

The decision to place Guyana’s revenue from oil in the United States Federal Reserve Bank has been defended by the Finance Minister.

Finance Minister Winston Jordan supported by the Central Bank Governor Dr. Gobin Ganga both agreed that placing the finances from the Natural Resources Fund (NRF) in US reserve is the best move.

Their statements yesterday came on the heels of criticisms over the move.

Dr. Ganga told reporters that the Federal Reserve System – the central banking system of the US is by far the safest institution to hold Guyana’s petroleum revenues.

The governor noted that foreign assets belonging to Guyana have been kept at the Federal Reserve for close to 50 years, and it is in safe hands when the other available options are considered.

“Let me tell you, you want to put your money at one of the safest institutions. There are many of them, but the Fed is one of them. The Fed was approached long back. You just don’t go and talk to them. You have to engage them. We have been talking for months,” Dr. Ganga explained.

On the other hand, Minister Jordan noted that Guyana could make an average of three percent interest on its investment, but the ultimate aim is to meet an average of 32 percent long-term (interest).

“After investing in all these different assets, the aim over time is 3 percent. So sometimes you may get 1.5 percent, sometimes you might be lucky to get 4 and a half per cent. Sometimes we might get 3.2, 2.8 percent. And long term 3 percent…because the safer the asset, the lower the interest”.

According to Jordan, Guyana could not earn any interest if the money was saved locally.

https://newssourcegy.com/news/...ntral-bank-governor/

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Django posted:

What are the foreign assets and the value ? they should disclose to the Guyanese people.

Heard Jordan ,was in India recently , deal probably done to sell crude oil.

Bai relax. This is the US you dealing with!  There will be transparency!

On his trip to India, your reasoning is not logical!  Exxon owns every barrel of oil, not the GoG!  Guyana Govt cannot sell Exxon’s oil!

What i know, PNC insiders believe that India has technology more suited for Guyana!  Maybe he went to negotiate some lines of credit for Indian companies to take part in Guyana’s development thrust!

FM
Baseman posted:
Django posted:

What are the foreign assets and the value ? they should disclose to the Guyanese people.

Heard Jordan ,was in India recently , deal probably done to sell crude oil.

Bai relax. This is the US you dealing with!  There will be transparency!

On his trip to India, your reasoning is not logical!  Exxon owns every barrel of oil, not the GoG!  Guyana Govt cannot sell Exxon’s oil!

What i know, PNC insiders believe that India has technology more suited for Guyana!  Maybe he went to negotiate some lines of credit for Indian companies to take part in Guyana’s development thrust!

Re-visit the PSA agreement , Guyana get it share of 2 % Royalty and 12.5 % profit oil. Guyana can market the share of oil. India is interested in purchasing crude from Guyana , it was stated earlier in the year.

Do the math at 100,000  barrels a day , what's Guyana share of crude oil for a year. Use a conservative  pricing per barrel , you get an idea the amount of revenue Guyana will receive.

Why do think the political mafia group, headed by a bald head man ,drooling and wants to get get their hands on the dough, using the voters.

Django
Last edited by Django
Django posted:
Baseman posted:
Django posted:

What are the foreign assets and the value ? they should disclose to the Guyanese people.

Heard Jordan ,was in India recently , deal probably done to sell crude oil.

Bai relax. This is the US you dealing with!  There will be transparency!

On his trip to India, your reasoning is not logical!  Exxon owns every barrel of oil, not the GoG!  Guyana Govt cannot sell Exxon’s oil!

What i know, PNC insiders believe that India has technology more suited for Guyana!  Maybe he went to negotiate some lines of credit for Indian companies to take part in Guyana’s development thrust!

Re-visit the PSA agreement , Guyana get it share of 2 % Royalty and 12.5 % profit oil. Guyana can market the share of oil. India is interested in purchasing crude from Guyana , it was stated earlier in the year.

Do the math at 100,000  barrels a day , what's Guyana share of crude oil for a year. Use a conservative  pricing per barrel , you get an idea the amount of revenue Guyana will receive.

Why do think the political mafia group, headed by a bald head man ,drooling and wants to get get their hands on the dough, using the voters.

Well I will take your word for it!

Imagine the wealth Guyana is coming into without ever taking on any discovery risk!

It still baffles me why people think Guyana did not get a fair deal!  Billions and never had any value at risk!  It’s almost free money!

FM

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