OECD – Managing Government Cash, 2025

The core aim of cash management is consistent across countries—to meet the sovereign's cash requirements and reassure investors that payments will be made—but practices differ significantly. Countries diverge on definitions such as liquidity, instruments used, and complementary objectives which may include maximizing investment returns and/or minimizing the impact of cash management operations on monetary policy. Best practices depend on local context, agreements with central banks, market depth, risk appetite, governance, and funding environment.