By the end of 2024, the M3 money supply reached 132.7 billion dinars, reflecting an average growth rate of 10.7%, compared to 7.9% in 2023.
According to data from the Central Bank of Tunisia (BCT), this trend reflects an acceleration in bank deposits, with demand deposits rising by an average of 10.4% (compared to 4.5% in 2023) and stable deposits (savings deposits) increasing by 11.5%, up from 10.3% the previous year.
The circulation of cash also grew at a steady pace, with an average increase of 10.9% in 2024, compared to 10.1% in 2023. This rise is almost exclusively attributable to the continued expansion of claims on the government, which surged by 34.1% in 2024, following a 22.9% increase in 2023.
In contrast, the growth of loans granted to the economy continued to slow, reaching 3.2% in 2024, down from 4.8% in 2023. This trend has led to a record level of bank financing captured by the government in 2024 (30.7% of total outstanding loans), while the share allocated to the economy fell to a historic low of 69.3%, compared to nearly 90% a decade ago.
Furthermore, the BCT’s data does not distinguish between bank loans based on their economic purpose (working capital or equipment loans). However, given the persistent weakness in private investment and the stagnation of public investment at low levels, it appears that bank financing in 2024 was primarily used to cover the state’s current expenses and provide liquidity to public enterprises.
