The Central Bank of Tunisia (BCT) has published its latest monetary and financial statistics, revealing several key developments for the year 2024. Among the main indicators, the volume of notes and currencies in circulation (BMC) reached 22.37 billion dinars as of December 20, 2024, recording a notable increase compared to 20.12 billion dinars at the same period in 2023. This increase of 2.25 billion dinars reflects an increase of almost 11% over one year.
This significant change in the volume of notes and coins in circulation, which represents the equivalent of the volume of currencies in circulation outside the banking and financial sector, reflects an increase in the money supply. This can be interpreted as a consequence of the instability of monetary policy, in the fight against inflation and its impacts on the national economy. Indeed, the continued increase in fiat circulation can be linked to an increased demand for liquidity and an adjustment of monetary regulation instruments, in a context where inflation remains a major challenge for the Tunisian economy.
Furthermore, this increase is part of an upward trend that began in the second half of 2023, when the volume of BMCs crossed the symbolic bar of 20 billion dinars for the first time. For the year 2024, currency circulation continued to increase steadily, with a peak observed during the month of Ramadan, a period traditionally marked by an influx of liquidity on the market.
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