According to the Conjuncture Bulletin for the first quarter of 2025, published by the Central Bank of Tunisia (BCT), the country’s monetary market registered an average liquidity deficit of 59 million dinars (MDT) during the first three months of the year. This shortfall, the BCT explains, resulted from an average volume of central bank interventions (12.908 billion dinars) falling short of the average liquidity needs of banks (12.967 billion dinars) during the period under review.
Throughout the first quarter of 2025, banks’ average monthly liquidity needs continued their upward trend, rising from 12.348 billion dinars in January to 13.001 billion dinars in February, and reaching 13.553 billion dinars in March. This translated to a quarterly average of 12.967 billion dinars—an increase of 800 million dinars compared to the last quarter of 2024.
“This development reflects the tightening impact of autonomous liquidity factors (ALFs), which contributed +791 million dinars, as well as the effect of a relatively modest increase of 9 million dinars in the average required reserve (RR),” the BCT noted.
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