The latest indicators from the Central Bank of Tunisia (BCT) confirm a profound transformation in the structure of sovereign debt during the first quarter of 2026.
According to figures finalized at the end of March, the outstanding amount of Assimilable Treasury Bonds (BTA) has crossed a historic threshold, illustrating a clear strategy of lengthening the maturity profile of State debt.
The outstanding amount of long-term debt securities stood at more than 33 billion dinars at the end of March. Indeed, within the space of one year, this stock has grown by 10.2 billion dinars compared to March 2025.
This massive increase reflects a greater reliance on raising funds over longer horizons, allowing the Treasury to secure its financing needs while reducing the pressure of immediate repayments.
Alongside this surge in long-term debt, a clear drying up of short-term securities is observed. The outstanding amount of Short-Term Treasury Bills (BTCT) has undergone a severe reduction, with a drop of 5.8 billion dinars in one year. The outstanding amount now stands at only 1.7 billion dinars at the end of March 2026.
This “cross-over” between short-term and long-term debt is not insignificant. By replacing BTCTs with BTAs, the public Treasury appears to be aiming to tackle refinancing risk. While the cost of long-term debt may prove higher in terms of interest rates, this strategy offers a breathing space for State treasury by stretching out repayment schedules.
However, this record concentration on the domestic market continues to mobilize a predominant share of bank liquidity, a constant point of vigilance for the financing of the private economy.
