The outstanding amount of Assimilable Treasury Bonds (BTA) reached 28.4 billion dinars as of September 11, 2025, according to the latest data published by the Central Bank of Tunisia (BCT).
This volume represents a dramatic increase of 11.9 billion dinars compared to the same date in 2024, a rise of nearly 72% in a single year.
This surge reflects the state’s growing need for financing, in a context of persistent budget deficits. Faced with difficulties in accessing external funding, the Treasury has multiplied its BTA issuances to mobilize resources on the domestic market.
Local financial institutions, particularly banks and insurance companies, remain the main subscribers of these securities, which are considered safe despite the deteriorating budgetary situation.
However, this increased reliance on domestic financing poses two major risks: the aggravation of the debt service burden, with interest costs rising sharply in a high-interest-rate environment, and the crowding-out effect on the private sector, as bank liquidity is increasingly directed towards government financing at the expense of credit to businesses.
If this trend continues, the sustainability of the domestic debt could be severely tested. Experts believe that stabilization can only be achieved through a new agreement with international donors and firmer budgetary consolidation.
In the meantime, BTAs remain the state’s preferred financing tool, at the cost of increasing pressure on the national economy.
