Record-Breaking Currency in Circulation in Tunisia Exceeds 26 Billion Dinars
The volume of currency in circulation in Tunisia has reached a record high, surpassing 26 billion dinars. This represents an increase of over 3 billion dinars compared to the same period in 2024, accounting for 15.6% of the country's Gross Domestic Product (GDP).
Financial analyst Moez Hadidan, a guest on the Ecomag show, explained that this surge is due to several factors, including the new check law, which has contributed to the increase in the monetary mass in circulation.
State Loans Contribute to the Increase in Monetary Mass
Mr. Hadidan highlighted that one of the main reasons for this increase is the rise in bank loans by 5 billion dinars. Between December 31, 2024, and June 30, 2025, total bank loans increased by 1 billion dinars (1%) to reach 113 billion dinars. However, bank loans granted to the state jumped by 16%, approximately 5.3 billion dinars.
Our interlocutor specified that loans, particularly those intended for the state, have greatly contributed to this increase. The Central Bank's loans to the state increased by 1.8 billion dinars, bringing the total net to 11.6 billion dinars, a 18% increase. On the other hand, bank loans to the state increased by 3.6 billion dinars (15%) to reach 27.4 billion dinars.
The total loans granted to the state now stand at 39 billion dinars, compared to 113 billion dinars for individuals and businesses. The share of currency in circulation was traditionally around 16% of the total monetary mass, but it has now exceeded 18%, a high figure compared to other countries where it may not exceed 1%, such as in some Scandinavian countries. It is therefore necessary to take action to limit future increases.
Consequences of this Increase
Moez Hadidan explained that the direct consequences of this situation are a loss of transparency in commercial transactions, which can lead to a decrease in state tax revenues, as well as growth in the parallel market.
