For the first time in its history, Tunisia has seen the total value of banknotes and coins in circulation exceed 26 billion dinars.
According to the latest data from the Central Bank of Tunisia (BCT), this cash stock has reached an unprecedented level, marking an increase of more than 3.3 billion dinars compared to the same period in 2024.
This volume now represents 15.6% of the country’s Gross Domestic Product (GDP), a concerning ratio for Tunisia’s monetary and economic stability.
The dramatic rise in cash circulation has consequences. More cash outside the banking system weakens the liquidity of financial institutions, limits their ability to finance the economy, and fuels inflation.
The increase in cash payments also encourages the expansion of the informal economy and complicates efforts to combat money laundering.
Several factors explain this unprecedented rise. Among them, the implementation of the new law on checks, which came into effect in February 2025, plays a central role.
This legislation led to a decline in check transactions in favor of cash payments, perceived as less risky by many economic actors.
Other contributing factors include persistent inflation, fears of fiscal pressures, and the dynamics of the informal economy, which absorbs a large share of this liquidity.
This situation poses a real challenge for the BCT, which must find effective mechanisms to reintegrate these amounts into the banking system, restore trust, and encourage electronic payments.
Without corrective measures, the cash spiral could undermine efforts to stabilize the currency and fight inflation.
