Introduction of a New 50-Dinar Banknote in Tunisia
The Central Bank of Tunisia (BCT) announced on Tuesday, September 23, 2025, the introduction of a new 50-dinar banknote, an operation that has caught the attention of economists and markets.
Concerns about Inflationary Pressures
Aram Belhadj, a doctor of economic sciences and a researcher at the University of Carthage, sees this as a worrying sign of persistent inflationary pressures. In a Facebook post, Belhadj explained that "when high-denomination banknotes are issued without withdrawing old banknotes, without a significant increase in transaction volume, and without communication efforts from the issuer, the most logical explanation is to accompany price increases." According to him, this operation could signal an adjustment of the money supply in response to tensions on household purchasing power.
Characteristics of the New Banknote
The BCT specified that this banknote retains the same motifs, security elements, and characteristics as the existing banknote, except for the issue date - now set to July 25, 2025 - and the signatures of Governor Fethi Zouhaier Nouri and Vice-Governor Mourad Abdessalem. It will circulate simultaneously with the current banknotes. This coexistence, Belhadj estimates, reinforces the interpretation of a monetary tool intended to accompany inflation.
Inflation Trends
However, inflation has been following a downward trend for several months. After a peak of 10.4% in February 2023, the rate stood at 5.2% in August 2025, compared to 5.3% in July and 5.4% in June, according to the National Institute of Statistics (INS). Despite this improvement, any monetary movement is closely examined, as the primary role of a central bank is to ensure price stability and the country's financial solidity.
Communication and Transparency
The issuance of this new banknote also raises questions about the BCT's communication. The lack of detailed explanations for this operation and the maintenance of an inflation rate still above the target are fueling the vigilance of economists. For them, this initiative could represent an implicit signal of lasting inflation, impacting purchasing power and citizens' confidence in the national currency.
