The latest statistics published by the Central Bank of Tunisia (BCT) highlight a sharp acceleration in the State’s bank financing.
As of August 2025, loans granted to the public sector jumped by 37.5% year-on-year, marking their strongest increase in over fifteen years.
This spectacular rise has led to a notable transformation in the structure of bank balance sheets: loans to the State now account for 17.9% of the total assets of Tunisian banks, compared with 14.3% a year earlier and 12.3% in August 2021.
This trend confirms the growing dependence of the public treasury on the national banking system, in a context where the State’s room for maneuver remains limited on both the domestic and international financial markets.
However, this development also raises questions about the balance between the financing of the State budget and that of the real economy.
In fact, the growth of loans granted to the private sector remains sluggish: +3.5% in August 2025, compared to 3.1% a year earlier and an average of 5.7% over the past five years.
At the same time, the BCT notes a persistent stagnation in loans to the economy, as well as an unprecedented slowdown in the growth of foreign currency deposits, signs of a weakened financial dynamic despite the massive support provided to public finances.
