The average money market rate (TMM) recorded a significant decline in January, settling at 7.08%, compared to 7.49% during the last four months of 2025.
This drop marks a first concrete adjustment in the monetary environment, following the decision by the Central Bank of Tunisia (BCT) to cut its key interest rate by 50 basis points on December 30, bringing it down to 7%.
After several months of stability at high levels, the decrease of the MMR reflects the gradual transmission of the monetary easing implemented by the BCT to the interbank market.
The MMR, which serves as the benchmark for many variable-rate financing products, reflects the average cost of funds between banks and directly influences credit conditions for businesses and households.
The observed easing should, in time, lighten the financial burden borne by economic agents, in a context where the cost of credit has weighed on investment and consumption in recent years.
However, analysts believe the real impact on the economy will depend on the future trajectory of monetary policy. If disinflation is confirmed and macroeconomic balances stabilize, the BCT could maintain a more accommodative stance.
Conversely, any resurgence of inflationary pressures or pressure on foreign exchange reserves could slow this easing trend.
For now, the decrease of the MMR in January constitutes a leading indicator of a possible shift in the monetary cycle after a prolonged period of tightening and restores some maneuvering room for economic actors facing a challenging financial environment.
