The average money market rate continues its phase of stability. In December, the key indicator of the cost of bank liquidity remained unchanged, confirming the progressive effect of the monetary easing initiated by the Central Bank of Tunisia.
The Average Money Market Rate (MMR) stood at 7.49% in December 2025, maintaining exactly the same level for the fourth month in a row, according to the latest monetary data published by the Central Bank of Tunisia (BCT). This development confirms a phase of calm on the liquidity market, after a prolonged period of tension.
A decline that has started since the summer of 2024
The indicator began a marked downward movement from August 2024, after having evolved around 7.99% for several months. This decline continued gradually at the start of 2025, with a drop to 7.91% in March, before settling at 7.50% between April and August. Since September, the TMM has almost frozen, sliding slightly to 7.49% until the end of the year.
The direct impact of monetary policy
This stabilization comes in the wake of the BCT’s monetary policy decisions. The MMR remains closely correlated to the key rate, the main instrument for regulating the money market. At its last meeting, the Board of Directors of the Central Bank decided to lower this rate by 50 basis points, bringing it to 7%.
This decision, which will come into force from January 7, should gradually have an impact on interbank financing conditions and, ultimately, on the cost of credit in the economy. The current stability of the MMR thus reflects a transition phase, pending the first concrete effects of this monetary easing.
