Tunisia: Banks' refinancing needs with BCT decline

Tunisia's banking sector saw a notable decline in its reliance on central bank liquidity throughout 2025. The overall volume of refinancing from the Banque Centrale de Tunisie (BCT) dropped significantly, signaling a reduction in the sector's overall need for funds. This trend suggests a more stable liquidity position for Tunisian banks compared to the previous year.

The BCT's annual report indicates that the total refinancing volume stood at 11,594 million dinars by the close of 2025. This represents an 11.5% decrease from the 13,104.3 million dinars recorded at the end of 2024. This contraction is largely attributed to a slowdown in the financing activities of other deposit-taking institutions, which directly correlates with their diminished contribution to the broader economy's funding.

While the general trend was downward, the year was not without fluctuations. A peak in refinancing demand occurred in March 2025, reaching 15,120 million dinars. This surge was driven by increased pressures on banking liquidity during that period. However, the subsequent months saw a return to the declining trend.

Data from the first quarter of 2026 suggests that this downward trajectory in refinancing needs is persisting. The overall volume has stabilized at approximately 11,257 million dinars, indicating a continued easing of liquidity pressures within the Tunisian banking system.