Tunisia’s Cash in Circulation Surges to 30.04 Billion TND: Policy Shifts and Economic Impacts
As of August 21, 2026, the total amount of banknotes and coins in circulation in Tunisia reached 30.04 billion Tunisian dinars (TND), according to the Central Bank of Tunisia (BCT). Just one year prior, on the same date, the figure stood at 25.902 billion TND, marking a 16% annual increase of 4.138 billion TND.
A Steady Upward Trajectory
This trend is far from new. The 20 billion TND threshold was only breached in late 2023, before the outstanding cash stock climbed to 22.594 billion TND by the end of 2024, and further to 26.876 billion TND by the end of 2025. The pace is accelerating year over year: annual cash growth jumped from roughly 8% between 2023 and 2024 to nearly 19% between 2024 and 2025.
Beyond Seasonal Spending: Policy-Driven Cash Accumulation
The BCT attributes this rise to peak spending periods throughout the year, including Ramadan, religious holidays, back-to-school season, and summer tourism. However, the underlying trend is primarily driven by three recent policy shifts:
- Stricter regulations on checks introduced in February 2025
- A new mandatory e-invoicing system under the 2026 Finance Law
- A provision in the same law that lifted the cap on large cash transactions in sectors like real estate and automotive
The result is a clear paradox: while the government pushes for digitalization, it is simultaneously making cash transactions more accessible. Another striking indicator: the current stock of physical currency now exceeds the country’s total foreign exchange reserves by approximately 20%.
Impact on Entrepreneurship and SME Financing
This massive cash hoarding mechanically drains the banking system of lendable deposits, directly stifling financing for SMEs and investment projects. For entrepreneurs operating in real estate or the automotive sector, it also underscores the urgent need to secure transactions in an economy where cash is clearly regaining ground.
