On Wednesday, June 4, 2025, economist Ridha Chkoundali spoke to Tunisie Numérique about the noticeable increase in the volume of cash circulating in the Tunisian market over recent months. According to him, this surge reflects the failure of the new law governing cheque usage.
Chkoundali explained that the legislation failed to consider that many Tunisians rely on cheques as a means of payment. Once cheques were restricted or eliminated as a tool to facilitate payments, citizens simply stopped using them and turned instead to cash transactions. This shift, he argued, led to funds moving out of the formal banking system and circulating within the economy in an unregulated manner.
He warned that this situation is giving a significant boost to the informal (or “parallel”) economy. In previous years, Tunisia had introduced legal reforms aimed at reducing the size of this informal sector. However, according to Chkoundali, the new law represents a serious step backward, undermining years of progress.
He added that many Tunisians see the informal economy as a more convenient channel for handling cash transactions. This is problematic, he noted, because of the negative repercussions it has on the national economy and public finances. The state budget is being deprived of vital tax revenues, largely because cash transactions are much harder to monitor and regulate—unlike cheque-based transactions, which leave a financial trail.
Furthermore, Chkoundali stressed that the growing weight of the informal economy is a hallmark of underdeveloped countries, where large portions of the economy escape regulation and oversight.
He concluded by describing the law as one of the worst pieces of legislation ever passed by the Tunisian Parliament. In his view, it hampers economic activity, strengthens the informal sector, and prevents the state from achieving the financial goals set out in the national budget—chief among them, a projected growth rate of 3.2%.
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