For the first time in its history, the amount of banknotes and coins in circulation in Tunisia has surpassed the symbolic threshold of 27 billion dinars.
According to the latest data published by the Central Bank of Tunisia (BCT), the amount of cash currency outstanding reached 27.065 billion dinars, confirming a continuous acceleration of liquidity circulating outside the banking system.
This increase reflects a persistently high demand for cash in the Tunisian economy, in a context marked by persistent inflation, the expansion of the informal economy, and a growing preference among economic agents for cash payments.
Within a few years, cash circulation has seen rapid expansion, reflecting both the general rise in prices and changes in consumption and savings behavior.
This situation poses a major challenge for monetary policy. A high volume of cash reduces the effectiveness of liquidity regulation instruments, complicates the tracking of financial flows, and limits the banking system’s ability to channel savings into financing the economy.
The more cash circulates outside of banks, the more difficult it becomes to control money creation.
This dynamic is also closely linked to the growth of the parallel economy, which largely relies on cash transactions.
The rise in cash circulation is thus seen as an indirect indicator of the size and vitality of the informal sector, to the detriment of transaction traceability and state tax revenues.
Therefore, crossing the 27-billion-dinar threshold marks a significant turning point for Tunisia.
Beyond its symbolic significance, this record highlights the structural imbalances of the economy and the challenges to be addressed in modernizing the financial system, improving monetary governance, and fostering more formal and inclusive growth.
