The Money Market Average Rate (TMM) stood at the same level as the policy rate and remained at 7% in September 2026, for the second consecutive month, according to data published today by the Central Bank of Tunisia (BCT).
For reference, the Money Market Average Rate (TMM) remained at 6.99% for six consecutive months before rising to 7% in August 2026.
Note that the BCT’s cut of its policy rate by 50 basis points on December 30, 2025, bringing it to 7.00% effective January 7, 2026, quickly and fully transmitted to the Money Market Rate (TMM).
The TMM thus began the current year at 7.08% before returning in February 2026 to 6.99% to stay stable at 6.99% for six consecutive months (from February to July).
The TMM had reached a peak of 8.05 % in March 2023, following the tightening of monetary policy undertaken by the central bank to contain inflationary pressures. Since then, the indicator has followed a downward trajectory.
