[REVISION HISTORY]

Brazil Tesouro Direto program developments

Updated 5 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-27 00:16 UTC → 2026-08-27 07:40 UTC · added ~~removed~~

The Brazilian Tesouro Direto investment program underwent a period of digital transition and significant growth in mid-2026. In early August, the Ministry of Finance announced the temporary deactivation of the Tesouro Direto investment application, scheduled for August 17. This pause was intended to facilitate the development of a redesigned user experience. Officials noted that the deactivation would not affect existing assets, and investors were advised to use the official portal or banking applications to monitor their holdings during the transition. Despite the technical transition, the program saw record-breaking performance in July, with sales reaching R$ 11.67 billion. This represented a 60.65% increase compared to the previous year and marked the highest volume ever recorded for the month of July. Growth was largely driven by the new Tesouro Reserva title, which accounted for R$ 1.79 billion (15.3% of sales), and a strong investor preference for assets linked to the Selic rate, which accounted for 51.2% of sales. Specifically, Letras Financeiras do Tesouro (LFT) reached R$ 4.18 billion. Inflation-indexed titles (IPCA) represented 27.1% of sales, while fixed-rate titles accounted for 15.5%. By the end of July, the total stock of the program reached R$ 272.26 billion, a 3.73% increase from June, with over 36 million registered investors. In response to the high demand for interest-linked securities, the National Treasury revised its Annual Financing Plan (PAF). New targets suggest that by 2026, between 49% and 53% of the Federal Public Debt (DPF) could be indexed to the Selic rate, which currently stands at 14% per year. This revision also indicates a projected decrease in the proportion of fixed-rate and inflation-indexed titles within the overall debt composition. The total DPF target for the end of 2026 is projected to be between R$ 9.7 trillion and R$ 10.3 trillion.

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