Think tank ANIF warned that Depósitos del Tesoro Nacional balances from January to April 2025 were unusually low. The government ended the year with elevated central debt.
ANIF noted that cash balances reached $6.6 trillion in February, 68% below the decade average. In March the amount stood at $7.3 trillion, enough for only five days of payments. The think tank detailed that in May balances rose to $18.39 trillion after corporate tax payments and a record $6 trillion TES auction. Even so, the figure remained below the historical average of $24.85 trillion. The government closed 2025 with central debt at 58.5% of GDP and a total deficit of 6.4% of GDP. ANIF explained that a narrow cash cushion forces the executive to borrow more often and at higher rates.
