Central bank becomes the state's main lender, direct advances up elevenfold since 2023

The central bank's direct advances to the Tunisian state rose from 1.4 billion dinars at end-2023 to 16.25 billion in June 2026, now 2.17 times larger than its refinancing of commercial banks, according to the bank's own balance-sheet figures. Over the same period its market purchases of treasury bills fell 54%, so direct lending has replaced market financing. The central bank's net income fell for three straight years, from 1,473 to 1,154 million dinars, while banknotes in circulation grew in parallel.

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