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# Guyana's Oil Fund Is Mandated to an Overnight Account at the New York Fed. Three Other Oil Funds Have Published What Theirs Returned.
- URL: https://www.lacaribenanews.com/guyana-nrf-overnight-mandate-versus-three-oil-fund-returns-2026/
- Published: 2026-10-19T16:07:41.000Z
- Updated: 2026-10-25T05:18:54.000Z
- Description: The Natural Resource Fund Board approved continuing the existing investment mandate on 27 March 2026. The Bank of Guyana reports the fund earning overnight deposit interest at the federal funds rate. Norway, Timor-Leste and Trinidad and Tobago each publish what their oil funds returned.
- Author: Theon Alleyne
- Tags: Guyana, Natural Resource Fund, Sovereign Wealth, Oil and Gas, Public Finance

**Quick summary:** The Natural Resource Fund Board approved continuing the existing investment mandate on 27 March 2026\. The Bank of Guyana reports the fund earning overnight deposit interest at the prevailing federal funds rate. Norway, Timor-Leste and Trinidad and Tobago each publish what their oil funds returned.

By LCN Business Desk

Four funds, four mandates, and four sets of published numbers.

## What is Guyana's mandate?

An overnight deposit account at the Federal Reserve Bank of New York, confirmed by the Board in March.

The Bank of Guyana's Half-Year Report 2026 records the decision in terms: "At its meeting held on March 27, 2026, the Board of Directors of the Natural Resource Fund approved the continuation of the Fund's existing investment mandate. It remains mandated that the funds be maintained in the deposit account held at the Federal Reserve Bank of New York earning overnight deposit interest at the prevailing federal funds rate of 3.50 percent."

The same report says the Bank "will continue to monitor developments in the overnight interest rate and broader market conditions, and will keep the Chairman apprised of any significant changes by the Federal Reserve Bank to consider the feasibility of redeploying cash."

The Bank has had operational management of the fund since the first quarter of 2020, and on 1 October 2025 renewed its agreement with the World Bank's Reserve Advisory and Management Partnership through 30 September 2028.

## What did that earn?

US$66.88 million in the first half of 2026, against US$68.93 million in the same half of 2025.

| Guyana's Natural Resource Fund                        |              |
| ----------------------------------------------------- | ------------ |
| Balance, 1 January 2026                               | US$3,434.5m  |
| Balance, 30 June 2026                                 | US$4,294.24m |
| Interest earned, first half 2026                      | US$66.88m    |
| Interest earned, first half 2025                      | US$68.93m    |
| Interest earned since inception in 2020               | US$454.83m   |
| Transferred to the Consolidated Fund, first half 2026 | US$1,020.0m  |

Source: Bank of Guyana, Half-Year Report 2026.

On the mean of the opening and closing balances, US$66.88 million is **1.73 per cent for the half**, or about 3.46 per cent annualised. That calculation is this newspaper's, not the Bank's, and it sits where the mandate would put it: the Federal Reserve held its target range at 3.50 to 3.75 per cent across four meetings in the half.

The report attributes the small decline in interest income to rates standing lower than in the same period of 2025.

## Who decides the mandate?

Three bodies, all reappointed by gazette in August, and two seats on the investment committee are unfilled.

| Body                                          | Gazetted       | Term                                              |
| --------------------------------------------- | -------------- | ------------------------------------------------- |
| Investment Committee                          | 20 August 2026 | Four years, from 31 August 2026 to 31 August 2030 |
| Board of Directors                            | 20 August 2026 | Two years, from 1 September 2026                  |
| Public Accountability and Oversight Committee | 20 August 2026 | Two years, from 15 September 2026                 |

Source: Government Notices, Official Gazette (Extraordinary) of Guyana, 20 August 2026.

The Investment Committee was reappointed on Cabinet Memorandum CP(2026)MOF13/08\. Its chairman is **Shaleeza Shaw**, nominee of the Ministry of Finance. The members named are **Michael Munroe**, nominee of the minister responsible for petroleum; **Lauris Hukumchand**, nominee of the Attorney General; **Richard Rambarran**, nominee of the private sector; and **Ganesh Sugrim**, an ex officio non-voting nominee of the Governor of the Bank of Guyana.

Two seats are published as "TBD". One is the nominee of the Leader of the Opposition. The other is the ex officio non-voting seat for a **Senior Investment Advisor and Analyst**.

The Board of Directors is chaired by **Major General (Retired) Joseph Singh**, with Dunstan Barrow nominated by the National Assembly, Ramesh Dookhoo for the private sector, Ambassador Carolyn Rodrigues-Birkett and Ambassador Professor Compton Bourne. The oversight committee is chaired by **Abu Zaman** and has nine members drawn from the religious community, the private sector, organised labour and the professions.

The Board decision continuing the mandate was taken on 27 March 2026, five months before these reappointments took effect.

## What has the government said?

That it is not yet ready to invest the money.

Natural Resources Minister **Vickram Bharrat** was reported on 17 October as saying that an investment committee is in place but the government is not yet ready to invest the funds held in the account. This newspaper relies on that reporting and has not seen a transcript or a ministerial release, and quotes no words to him here.

## What did the other oil funds report?

On four different calendars, under four different mandates, and at different stages of filling or emptying. Every money figure below is in United States dollars.

| Fund                                                 | Period reported               | Mandate                                 | Flows in the period                               | Fund size at period end | Return as published                            |
| ---------------------------------------------------- | ----------------------------- | --------------------------------------- | ------------------------------------------------- | ----------------------- | ---------------------------------------------- |
| Guyana, Natural Resource Fund                        | Six months to 30 June 2026    | Overnight deposit at the New York Fed   | US$1,812.8m in, US$1,020.0m out                   | US$4,294.24m            | Interest US$66.88m, at a mandate rate of 3.50% |
| Norway, Government Pension Fund Global               | Six months to 30 June 2026    | 72.1% equities, 25.8% fixed income      | US$9.0bn in, after expenses                       | US$2,285.0bn            | 9.4%                                           |
| Timor-Leste, Petroleum Fund                          | Twelve months to 30 June 2026 | 81.0% growth portfolio, 19.0% liquidity | US$9.62m in and US$600m out, in the final quarter | US$18.43bn              | 7.94%, against a 7.98% benchmark               |
| Trinidad and Tobago, Heritage and Stabilisation Fund | Year to 30 September 2025     | 56% equities at December 2025           | No new capital, US$410.8m out                     | US$6,335.7m             | Total comprehensive income US$663,959,048      |

Sources: Bank of Guyana Half-Year Report 2026; Norges Bank Investment Management; Banco Central de Timor-Leste; Heritage and Stabilisation Fund audited financial statements. Norway publishes in kroner; its figures are converted here at USD/NOK 9.9267, the Norges Bank spot rate for 30 June 2026.

**Norway's Government Pension Fund Global**, first half of 2026\. The fund returned **9.4 per cent**, which Norges Bank Investment Management states was 0.22 percentage points above its benchmark index. Its accounting return was 1,753 billion kroner, which the manager describes as "the highest half-year krone return on record", and its value was 22,683 billion kroner at 30 June 2026\. At the Norges Bank spot rate of 9.9267 kroner to the dollar on that date, those are **US$176.6 billion** and **US$2,285.0 billion**. The conversion is this newspaper's.

By asset class, equities returned **13.0 per cent**, fixed income **0.9 per cent**, unlisted real estate 3.0 per cent and unlisted renewable energy infrastructure **minus 0.2 per cent**. The allocation was 72.1 per cent equities, 25.8 per cent fixed income, 1.6 per cent unlisted real estate and 0.5 per cent unlisted renewable infrastructure. A stronger krone reduced the fund's value by 427 billion kroner, or US$43.0 billion, over the half.

**Timor-Leste's Petroleum Fund**, twelve months to 30 June 2026, as reported by the Banco Central de Timor-Leste.

| Timor-Leste, 1 year to 30 June 2026 | Return | Benchmark |
| ----------------------------------- | ------ | --------- |
| Total Fund                          | 7.94%  | 7.98%     |
| Financial Market Investments        | 8.35%  | 8.09%     |
| Liquidity Portfolio                 | 3.16%  | 3.24%     |
| Investment in Petroleum Operations  | −4.31% | 4.50%     |

Source: Petroleum Fund of Timor-Leste, Quarterly Report, 30 June 2026.

The fund stood at US$18.43 billion at the end of the quarter. It took in **US$9.62 million** from royalties and taxes in those three months and transferred **US$600 million** to the State Budget. Management costs for the quarter were US$3.80 million. At June 2026 the allocation was 81.0 per cent growth portfolio and 19.0 per cent liquidity portfolio.

**Trinidad and Tobago's Heritage and Stabilisation Fund**, year ended 30 September 2025, from the audited financial statements approved by its Board of Governors on 21 November 2025.

| Trinidad and Tobago HSF    | FY2025           | FY2024           |
| -------------------------- | ---------------- | ---------------- |
| Total comprehensive income | US$663,959,048   | US$1,066,041,442 |
| Net assets at year end     | US$6,335,700,562 | US$6,082,517,217 |
| Withdrawals by Government  | US$410,775,703   | US$369,946,835   |
| Total operating expenses   | US$1,880,479     | US$1,780,999     |

Source: Heritage and Stabilisation Fund, audited financial statements, 30 September 2025.

Income fell **37.7 per cent** between the two years. Measured against opening net assets, the FY2025 result is 10.9 per cent and the FY2024 result 19.8 per cent. Those two percentages are this newspaper's calculation. Operating expenses of US$1.88 million on a US$6.34 billion fund are three basis points.

## What does this mean for the rest of the Caribbean?

That the region's two oil funds hold their money under different mandates, and both publish the figures.

Trinidad and Tobago's fund held 56 per cent of its portfolio in equities at December 2025\. Its total comprehensive income was US$1,066,041,442 in the year to 30 September 2024 and US$663,959,048 in the year to 30 September 2025.

Guyana's fund is held in an overnight deposit account at the Federal Reserve Bank of New York. Its interest income was US$68.93 million in the first half of 2025 and US$66.88 million in the first half of 2026.

Timor-Leste reports a return and a benchmark for each part of its fund. Over the twelve months to 30 June 2026 its liquidity portfolio returned 3.16 per cent against a benchmark of 3.24, its financial market investments 8.35 against 8.09, its total fund 7.94 against 7.98, and its investment in petroleum operations minus 4.31 against 4.50.

Where Guyana's money sits was examined in [Guyana's Oil Fund Is US$5.4 Billion. All of It Sits Overnight at the New York Fed](https://www.lacaribenanews.com/guyana-nrf-overnight-account-new-york-fed-mandate/), and the quarter's receipts in [Guyana's Oil Fund Took In US$1.89 Billion in One Quarter](https://www.lacaribenanews.com/guyana-nrf-third-quarter-receipts-1-89-billion-22-liftings-2026/).

### The entities

- **Natural Resource Fund** holds Guyana's petroleum revenues, with operational management by the Bank of Guyana.
- **Investment Committee** of the Natural Resource Fund was reappointed for four years from 31 August 2026.
- **Shaleeza Shaw** chairs it as the nominee of the Ministry of Finance.
- **Reserve Advisory and Management Partnership** is the World Bank programme giving technical support to the Bank of Guyana through 30 September 2028.
- **Norges Bank Investment Management** manages Norway's Government Pension Fund Global.
- **Banco Central de Timor-Leste** has operational management of the Petroleum Fund of Timor-Leste.
- **Heritage and Stabilisation Fund** is Trinidad and Tobago's oil fund, whose statements are audited by its Auditor General.

### What the title card shows

Every data point on the article's title card, in text.

- **3.50 per cent.** The federal funds rate named in Guyana's mandate. Source: Bank of Guyana Half-Year Report 2026.
- **9.4 per cent.** Norway's Government Pension Fund Global, first half of 2026\. Source: Norges Bank Investment Management.
- **7.94 per cent.** Timor-Leste's Petroleum Fund, total fund, twelve months to 30 June 2026, against a 7.98 per cent benchmark. Source: Banco Central de Timor-Leste.
- **3.16 per cent.** Timor-Leste's Liquidity Portfolio over the same twelve months. Source: as above.
- **US$663.96m.** Trinidad and Tobago's Heritage and Stabilisation Fund, total comprehensive income for the year ended 30 September 2025\. Source: audited financial statements.
- **Quotation:** "to consider the feasibility of redeploying cash", Bank of Guyana Half-Year Report 2026.

## Frequently Asked Questions

Where is Guyana's Natural Resource Fund held?

In a deposit account at the Federal Reserve Bank of New York, earning overnight deposit interest at the prevailing federal funds rate. The Board of Directors approved continuing that mandate at its meeting of 27 March 2026.

How much did the fund earn in the first half of 2026?

US$66.88 million, against US$68.93 million in the first half of 2025\. Interest earned since the fund's inception is US$454.83 million.

What is the fund worth?

US$4,294.24 million at 30 June 2026, having opened the year at US$3,434.5 million.

Who sits on the Investment Committee?

Shaleeza Shaw as chairman, with Michael Munroe, Lauris Hukumchand, Richard Rambarran and Ganesh Sugrim. Two seats are published as "TBD": the nominee of the Leader of the Opposition, and an ex officio non-voting Senior Investment Advisor and Analyst.

What did Norway's fund return?

9.4 per cent in the first half of 2026, 0.22 percentage points above its benchmark. Its equities returned 13.0 per cent and its fixed income 0.9 per cent.

What did Timor-Leste's fund return?

7.94 per cent over the twelve months to 30 June 2026 against a benchmark of 7.98 per cent. Its Liquidity Portfolio returned 3.16 per cent and its Investment in Petroleum Operations returned minus 4.31 per cent.

What did Trinidad and Tobago's fund earn?

Total comprehensive income of US$663,959,048 for the year ended 30 September 2025, against US$1,066,041,442 the year before, a fall of 37.7 per cent.

Over what periods are these returns reported?

Guyana's and Norway's are six months to 30 June 2026, Timor-Leste's is twelve months to 30 June 2026, and Trinidad and Tobago's is the year to 30 September 2025.

Are the figures in one currency?

Every money figure in this article is in United States dollars. Guyana, Timor-Leste and Trinidad and Tobago report in United States dollars. Norway reports in kroner, and its amounts are converted here at USD/NOK 9.9267, the Norges Bank spot rate for 30 June 2026.