Cash Circulation in Tunisia Sees Significant Increase in 2025
According to the 2025 annual report of the Central Bank of Tunisia (BCT), the value of banknotes and coins in circulation reached 26.876 billion dinars (MDT) at the end of December, representing a 19% increase over the previous year, compared to 8.4% in 2024 and 10.7% in 2023.
Breakdown of Cash Circulation
The increase primarily concerns banknotes, which account for 98% of cash circulation, totaling 26.351 billion dinars, while coins make up the remaining 2%, with a total value of 525 million dinars. In terms of volume, cash circulation consists of 1.293 billion banknotes and 2.198 billion coins.
Role of Cash in Economic Transactions
The Central Bank emphasizes that this growth confirms the ongoing central role of cash in economic transactions. It also highlights the limitations of the level of financial education in a constantly evolving regulatory environment.
Key Statistics
- The value of banknotes and coins in circulation (BMC) increased by 4.282 billion dinars in 2025, compared to 1.753 billion dinars the previous year.
- The annual growth rate of 19% is the highest observed over the past 13 years, according to the BCT.
- The total value of BMC reached 26.877 billion dinars at the end of December 2025, after peaking at 26.890 billion dinars on December 30, 2025.
Monthly Variations
The evolution of cash circulation was marked by several peaks throughout the year. The most significant monthly increases were recorded in March (+688 million dinars), May (+805 million dinars), and December (+964 million dinars). The Central Bank attributes these increases to expenses related to the month of Ramadan, religious holidays, back-to-school season, summer season, agricultural campaigns, and the effects of changes to regulations affecting certain payment instruments.
Response to Demand
To meet sustained demand, the BCT processed 578.7 million banknotes, representing a total value of 11.218 billion dinars. After sorting operations, 68.5% of the banknotes deemed conforming were put back into circulation, while worn-out banknotes were destroyed. To ensure the supply of cash to regions, the Central Bank organized 83 convoys of funds to its interior branches and 62 direct deliveries to the Tunis branch, totaling 4.159 billion dinars in banknotes and 17.8 million dinars in coins.
Production of New Banknotes
The production of new banknotes was also reinforced. In 2025, the BCT issued 117 million new banknotes, with a value of 3.509 billion dinars, representing a 15.3% increase compared to 2024. These issues account for 28% of the total value of banknote withdrawals. Furthermore, the first deliveries of the banknote manufacturing program aimed at covering the needs of 2026-2027 began during the year.
Coin Production
Coin production also increased. The Central Bank put 30 million coins into circulation, up 57.2% in number, with a total value of 19 million dinars, representing a 46.2% increase over the previous year.
