Record-Breaking Currency in Circulation in Tunisia
The currency in circulation in Tunisia, comprising banknotes and coins, has reached a record high of 25,555 billion dinars, according to the latest data published on the official website of the Central Bank of Tunisia (BCT) on September 24, 2025. This figure represents an increase of approximately 3 billion dinars compared to the end of 2024, when the money supply stood at 22.6 billion dinars, indicating rapid growth in an economic context marked by inflationary pressures and strong demand for liquidity.
Factors Contributing to the Increase
This progression reflects the importance of the informal economy, which relies heavily on cash transactions. According to the Tunisian Institute of Strategic Studies, the informal economy accounts for nearly 40% of Tunisia's gross domestic product, equivalent to around 70 billion dinars. Limited trust in the banking sector and households' propensity to keep their money outside of bank accounts also contribute to the increase in currency in circulation.
Banking and Financial Inclusion
Data from the World Bank published in 2024 reveals that only 37% of Tunisians have a bank account, with 29% for women and 32% for low-income individuals. This is further exacerbated by seasonal peaks, particularly during the back-to-school and university periods, which lead to massive withdrawals of liquidity.
Challenges for the Central Bank
This situation poses a major challenge for the Central Bank, which must balance three objectives: meeting liquidity needs, containing inflation, and limiting the expansion of the money supply to avoid further stimulating the informal economy. The consumer price inflation rate stood at 5.2% in August 2025, compared to 5.3% in July 2025, according to the National Institute of Statistics, indicating a relative stabilization despite market pressures.
Shifts in Payment Instruments
Meanwhile, the Central Bank is observing changes in payment instruments. According to data published on September 16, 2025, the number of bills of exchange used increased by 155%, reaching 2.1 million instruments with a total value of 25.6 billion dinars. In contrast, the use of checks decreased by 66.8%, with 4 million instruments valued at 27.6 billion dinars. The value of transfers also progressed by 9.7%, reaching 37.6 billion dinars, reflecting a shift towards more secure and market-adapted payment methods.
