Tunisia’s Cheque Reform Reshapes Currency Circulation

Tunisia’s cheque reform has profoundly altered the circulation of money in the country. Since the entry into force of Law No. 2024-41 on August 2, 2024, the use of cheques has declined sharply, while cash and, more recently, mobile payment solutions have gained significant ground.

According to the World Bank’s Economic Outlook Bulletin, broad money (M3) grew by approximately 10% in 2025, outpacing both inflation at 5.5% and real GDP growth at 2.5%. However, it is the composition of this monetary aggregate that has undergone the most significant change. The amount of banknotes and coins in circulation has risen sharply since February 2025, a period that coincides with the implementation of the cheque reform.

The new law aimed primarily to curb the misuse of cheques, which had been widely used as a means of deferred payment. It strengthened the conditions for accessing cheque books, mandated a prior assessment of solvency, and established limits for individual cheques. The decline in cheque usage was rapid. In the first quarter of 2025, the volume of cheques processed dropped by 62% compared to the same period in 2024, while their total value fell by 48.3%. For the full year of 2025, data from the Central Bank of Tunisia indicates an even more pronounced decline, with the number of cheques processed down by 67.5% and their value down by 58.8%.

Concurrently, the share of cash in M3 reached 18.8% in May 2026, up from 16.6% in January 2025 and 13.5% in December 2010. The World Bank notes that this represents an unprecedented level in over two decades. However, the replacement of cheques has not occurred solely at the expense of cash. In early 2026, mobile payments via the TunPay system grew by 67.1% year-on-year. Cash and digital wallets appear to be absorbing a portion of transactions that were previously conducted via cheque.

This shift reflects a change not only in payment habits but also in the interpretation of monetary indicators. According to the World Bank, the increase in the share of cash in M3 should be interpreted with caution: it may reflect a transition in the payment system rather than an equivalent increase in purchasing power or formal economic activity.