Tunisians Hold More Cash Than the Central Bank’s Net Assets

Tunisian authorities report that the amount of cash in circulation has surpassed the Central Bank of Tunisia's net foreign assets, marking a significant shift in the country's financial landscape. As of August 21, 2026, banknotes and coin in circulation totaled 30.040 billion dinars (US$10.4 billion), a 16% increase from the previous year's 25.902 billion dinars (US$8.9 billion).

This trend has been building over several years, with the stock surpassing 20 billion dinars (US$6.9 billion) in 2023 and reaching 26.876 billion dinars (US$9.3 billion) by the end of 2025.

The Central Bank's net foreign assets, on the other hand, stood at 25.155 billion dinars (US$8.7 billion) on August 24, 2026, slightly lower than the cash reserve. This development highlights the growing reliance on cash as a means of funding, with cash stock now accounting for 16% of GDP. In comparison, developed economies typically have a cash reserve ratio of 3% to 4%, and Tunisia's ratio was around 9% in 2010.

The broader economic implications are significant, as a higher cash reserve limits the availability of funds for banks to lend, potentially stifling economic growth.

Former Central Bank monetary policy chief Mohamed Salah Souilem noted that the cash stock represents approximately 16% of Tunisia's GDP, a ratio that has risen sharply over the past decade. The shift towards greater use of cash is attributed to measures such as the scrapping of the 5,000-dinar cash payment ceiling and the promotion of cheque reform.

However, these changes are not without challenges, particularly for businesses that rely on more formal financial systems for invoicing, tax collection, and electronic payments.