Treasury posts a R$10.8 billion July surplus, but the year is still in deficit
A strong month for the central government's primary balance did not erase the year-to-date shortfall.
The National Treasury's monthly bulletin shows the central government running a primary surplus of R$10.8 billion in July, before interest payments.
Cumulatively, though, the accounts for 2026 remain in deficit. July's surplus narrows the gap but does not close it, and the second half typically carries heavier spending.
The primary balance is the number that matters for the fiscal framework, and it is the one investors watch when pricing Brazilian debt. Its trajectory is also the backdrop for the president's comments this week that growth, not the debt ratio, is his priority.
The full bulletin, with revenue and expenditure detail, is on the Tesouro Transparente portal.