Government's cash reached $6.6 trillion in February, $18.7 trillion below historical average: Carf
The nation's treasury remains below the historical average. Photo: iStock
TL;DR
- The national treasury's cash balance was $6.6 trillion as of February 27, 2026.
- This is $18.7 trillion below the historical average for February ($25.3 trillion).
- The figure is also $5.1 trillion lower than February 2025 ($11.7 trillion) and $3.3 trillion less than January 2026.
- National treasury cash in pesos has been at historic lows since late 2024.
- The government significantly increased the issuance of TES in Q4 2025 due to liquidity shortages.
- Budget execution for the General National Budget (PGN) appropriations was 12.5% by February 2026, an increase from the previous year.
- Investment and debt service commitments have accelerated compared to the same period in 2025.
- Total and primary fiscal spending accumulated to February represented 3.8% and 2.9% of GDP, respectively.
- The yield curve for TES in pesos continued to flatten in February 2026 amid strong devaluations of securities.