Tunisian Money Market Rate Holds Steady at 7% in October 2026

The Tunisian Money Market Rate (TMM) maintained its stability at 7% in October 2026, a level identical to the Central Bank of Tunisia’s (BCT) policy rate, marking the third consecutive month at this level.

Two Distinct Phases in 2026

The TMM experienced two distinct phases during 2026:

February to July: A period of stability at 6.99%.
August to October: A shift to 7%, where the rate has remained unchanged since.

Context: Monetary Policy Easing

This trend follows the monetary policy easing initiated by the BCT in late December 2025. On December 30, the central bank decided to cut its policy rate by 50 basis points, bringing it down to 7% effective January 7, 2026. This reduction was quickly and fully transmitted to the money market.

Detailed Evolution of the TMM

Early 2026: The TMM stood at 7.08% at the beginning of the year.
February 2026: It adjusted downward to 6.99%.
February to July 2026: The rate remained stable at 6.99% for six consecutive months.
August 2026: The rate increased to 7%, aligning with the new policy rate, and has held steady since.

Historical Perspective

It is worth noting that the TMM peaked at 8.05% in March 2023, following a phase of monetary tightening implemented by the Central Bank to curb inflationary pressures. Since that peak, the indicator has been on a consistent downward trajectory.