The Treasury has already exceeded by 51.3% its annual envelope for assimilable-bond issuances, while the assets of collective funds rose by 43.9% to surpass the 12 billion dinars mark. The October figures invite reading these two trajectories together.
A financing budget already substantially exceeded
October 2026 proved to be a month of sustained borrowing for the state. Two BTA auctions allowed the Treasury to mobilize 967.9 million dinars: 664.9 million settled on October 14, then 303 million with a value date of October 28.
Meanwhile, the 6.3% line maturing October 2026 reached maturity, with a principal outstanding of 817.5 million. For the month, the operation therefore yields a net balance of about 150 million dinars.
The annual illustration is more telling. Cumulative gross issuances reach 7,323.61 million dinars, versus 4,840 million planned by the budget for the entire fiscal year. The gap stands at 2,483.6 million, i.e. 51.3%. With two months to go until the close, the initial forecast is therefore well behind.
From 7.3 billion gross to 5.7 billion net
However, one must read this figure with its reverse side. Since January, 1,621.5 million dinars have been repaid in principal: 804 million on the 6.3% line due March 2026 and 817.5 million on the October line. Once these outflows are deducted, net BTA issuances stand at 5,702.1 million dinars. This is the amount that measures the additional debt actually carried on the market.
The symbolic 12-billion threshold
On the savings side, the collective management market has scaled up. The assets of mutual funds (OPCVM) rise to 12,226.4 million dinars at end-October, vs 8,496.6 million at end-December 2025. Gain in ten months: 3,729.8 million, i.e. 43.90%.
For comparison, the entire year 2025 had recorded a rise of 21.30%, from 7,004.9 to 8,496.6 million. The pace of 2026 thus doubles that of last year even before the end of the year. October pushed the outstanding above 12 billion, after 11,961.7 million at end-September. The month adds 264.7 million, i.e. 2.21%.
A two-stage race
