Nicaragua's government deposits at the Central Bank (BCN) reached 144,634 million córdobas (USD 3,905.1 million) through September, a sharp rise from the 100,165 million córdobas (USD 2,704.5 million) recorded in the same month of 2025, according to figures published by Diario La Prensa.
- Annual increase: The gap exceeds 44,000 million córdobas (over USD 1,188 million), linked mainly to stronger tax collection.
- Peak in August: Deposits hit 149,380 million córdobas (USD 4,033.3 million) before a withdrawal of more than 4,746 million córdobas (over USD 128.1 million) in September.
- Accumulation since 2020: The build-up began in November 2020, after the 2018 sociopolitical crisis, when state deposits stood at 14,328 million córdobas (USD 386.9 million).
Tax transfers and use of funds
A budget execution report from the Ministry of Finance and Public Credit, updated through June, showed the government had moved 43,969.1 million córdobas (USD 1,187.2 million) in tax revenue to the Central Bank. According to the official document, the funds are meant to support macroeconomic stability, bolster international reserves and maintain liquidity to address fiscal risks, external shocks, climate change effects and natural disasters.
The report credited the outcome to revenue performance, public spending management and higher investment outlays, which produced a fiscal surplus above the forecast for the first half of 2026. The transfer through June came close to the full 2025 total, when the government sent 44,572 million córdobas (USD 1,203.4 million) to the BCN.
Deposits in the financial system and budget projections
Deposits also rose in the National Financial System. Through August, official accounts at banks totaled 23,892 million córdobas (USD 645.1 million), above the 22,141 million córdobas (USD 597.8 million) booked in December 2025, though near the 24,359.1 million córdobas (USD 657.7 million) reported for the same period a year earlier.
The draft General Budget of the Republic for 2027 envisions spending of 168,238 million córdobas (USD 4,542.4 million), up 0.9% from the budget initially approved for 2026. That change equals 1,459.1 million córdobas (USD 39.4 million). The projected spending growth contrasts with the official estimate for tax revenue.
The General Revenue Budget for 2027 totals 195,136.7 million córdobas (USD 5,268.7 million), a 13.6% increase over what was approved at the start of the 2026 fiscal year. The gap between revenue and spending would yield a surplus of 26,898.7 million córdobas (USD 726.3 million). According to the information cited, fiscal surpluses are typically transferred to Central Bank accounts.
Concerns over spending restraint
An economist consulted by Diario La Prensa, who asked not to be identified for fear of retaliation, said the reserve accumulation may be tied to the need for resources in case external financing shifts.
“Hay un evidente afán del Gobierno de seguir acumulando reservas”, afirmó el especialista.
He also argued that limited access to multilateral credit influences the decision to hold more liquid resources. The analyst noted that spending restraint could affect public investment and other state items, a view supported by the difference between projected revenue growth and the small spending increase in the budget draft.
The trajectory of these deposits and the 2027 fiscal projections will be key indicators for assessing the government's financial strategy and its impact on the national economy.