Tunisia cash in circulation reaches record 30 billion dinars

Tunisia’s cash in circulation has reached a record 30.04 billion dinars ($10.5 billion) as of August 21, 2026, marking a 16% increase over the previous year. This surge represents approximately 16% of the country's GDP, significantly higher than the 3% to 4% typically seen in developed economies.

Experts and former Central Bank of Tunisia officials attribute this trend to several factors, including inflation, a decrease in purchasing power, and a shift in payment habits. Specifically, stricter regulations regarding the use of cheques introduced in early 2025 and the removal of cash transaction ceilings for sectors like real estate and automobiles have encouraged the use of physical currency.

This massive accumulation of cash outside the formal banking system poses risks to the national economy. It reduces the pool of deposits available for banks to transform into credit, potentially hindering the ability of financial institutions to fund small and medium-sized enterprises (SMEs) and other investment projects. Furthermore, the rise in cash usage is linked to an expanding parallel economy, which can erode the state's tax base and weaken the effectiveness of monetary policy.