Central Bank of Tunisia Publishes Monetary Indicators, Revealing Significant Trends in Country's Financial Health
The Central Bank of Tunisia (BCT) published its monetary indicators on June 19, 2025, revealing several significant trends in the country's financial health. The highlights include a decrease in the volume of global refinancing, a decline in net foreign exchange assets, stability in external debt service, and a decline in interbank transactions.
The volume of bank refinancing, which enables institutions to respond to their short- and medium-term liquidity needs, stood at 13,803 million Tunisian dinars (Mtnd), compared to 14,630,700 Mtnd on the same date in 2024. This decline of 1,326,900 Mtnd illustrates a relative easing of the market, although the BCT's call for tenders remains stable at 5,900 Mtnd. Notably, there was no monthly refinancing, and six-month operations were non-existent. The outstanding amount of open market operations fell to 5,123,800 Mtnd, compared to 8,312,600 Mtnd a year earlier.
On the interbank transactions, a significant annual rise was observed, with 3,097,500 Mtnd exchanged, compared to 1,446,100 Mtnd in 2024, representing more than a doubling.
Regarding public debt instruments, the trends are contrasting: short-term Treasury bills showed a sharp decline to 5,598,900 Mtnd, compared to 10,497,600 Mtnd in 2024. In contrast, medium- and long-term bonds reached 24,394,400 Mtnd, marking a notable increase of 8,440 Mtnd over the year.
Concerning external debt, the cumulative service slightly contracted to 7,397,900 Mtnd, compared to 7,412,500 Mtnd in June 2024. This quasi-stability suggests continuity in debt repayment, without apparent tensions.
Finally, net foreign exchange assets stood at 23,117,600 Mtnd, down by 502,400 Mtnd over the year, equivalent to 100 days of imports, compared to 109 days the previous year. Although this coverage remains correct, the 12-month decline constitutes a point of vigilance for the BCT, particularly in the context of persistent external pressures.
