According to data from the Central Bank of Tunisia (BCT), at the end of May 2024, as reported and analyzed by economist Hechmi Alaya’s “EcoWeek”, “the money supply (M3 aggregate) grew by 11.8% year-on-year, higher than the figure recorded a year ago (+6.9%) and even higher than the average of the last five years: +7.9%”.
According to Professor Alaya, “this acceleration is mainly due to the increase in loans to the central government, which rose by 35.4% year on year, despite the continued slowdown in loans to the economy (…).
This change in the money supply is also the result of an increase in the volume of banknotes and coins in circulation”.
