Tunisian Households' Savings Behavior: A Key to Economic Growth
In a gloomy economic context, where Tunisia is seeking a way to revive its growth, the behavior of Tunisian households is crucial to analyze, particularly when it comes to savings. This is a determining factor for consumption and for the means at the disposal of the financial system to better fuel the economy.
Stable Savings Rate
According to the Central Bank of Tunisia, term deposits evolved by 1,489 MTND to reach 19,726 MTND in 2023. In 2022, the progression was 1,440 MTND, which means that the accumulation rate of this category of deposits remained almost stable. The stabilization of the savings yield rate at 5.6% net encouraged savers to maintain their investments.
Special Savings Accounts on the Rise
Special savings accounts now hold 30,173 MTND, an increase of 2,889 MTND. Compared to 2022, the pace has accelerated, with additional savings of 2,436 MTND. This figure only accounts for money deposited in banks, excluding La Poste's estimated 9,293 MTND in December 2023. In total, savings deposits reached 33,451 MTND, an increase of 3,172 MTND over the year.
Certificates of Deposit
Certificates of deposit, a product reserved for large savers, attracted 5,648 MTND by the end of 2023, a decrease of 126 MTND compared to 2022.
Total Savings
In total, the money placed in banks reached 58,825 MTND by the end of 2023, compared to 54,288 MTND the previous year, representing a net collection of 4,537 MTND.
A Double-Edged Sword
This stockpiled money constitutes a springboard for economic recovery. However, for the time being, it is synonymous with reduced consumption, which is the objective of the restrictive monetary policy implemented by the Central Bank. The only beneficiary is the Treasury, which can rely on these resources to finance the public deficit. The problem is that this situation of blocked funds persists. While the sovereign may be getting out of the crisis, this is not necessarily the case for other economic operators. These means could have been used to gain precious points in GDP, but they only serve to increase the banks' net profits.
Note: MTND stands for Tunisian dinars (million).
