The latest data published by the Central Bank of Tunisia (BCT) reveal a contrasting situation of the country’s financial balances. On the date of May 8, 2025, net foreign assets amount to 22.9 billion dinars, the equivalent of 99 days of importation. Although this level remains generally acceptable, it translates a decrease of 3% compared to the same period of 2024, which raises questions.
This contraction of foreign currency reserves intervenes paradoxically in a context of increase in incoming flows. Indeed, according to the monetary indicators of the BCT, labor income – mainly Tunisian transfers residing abroad – recorded an increase of 8%. They went from 2.4 billion dinars at the end of April 2024 to 2.6 billion at the end of April 2025, confirming the crucial role of Tunisians residing abroad in the support of the balance of payments.
Another support factor: tourism. Tourist revenues increased by 6.7% over the first four months of 2025, reaching 1.9 billion dinars. This performance confirms the recovery dynamics started since the lifting of health restrictions and improving the security situation in the country. Nevertheless, this upturn remains insufficient to reverse the overall trend on reserves, especially since currency expenses remain high.
The external debt services remain stable at 6.6 billion dinars between April 2024 and April 2025. If this stability can reassure in the short term, it does not detract from the structural weight of external debt on public finances, especially in a context where the country still seeks to conclude financial agreements with its international partners.
Interbank transactions explode
Another indicator draws attention: the volume of interbank transactions has literally more than doubled in one year, going from 1.5 billion dinars to May 8, 2024 to 3.1 billion currently. This development reflects an intensification of the exchange of liquidity between commercial banks, often revealing significant tensions or adjustments in the banking system, in particular in terms of refinancing or cash management.
