The Central Bank of Tunisia opens a new cycle in its relationship with banks.
By asking the Banking and Financial Council to prepare, within one month, an operational roadmap aimed at strengthening the financing of the economy and SMEs, Governor Fethi Zouhaier Nouri now places the banking sector before a strategic requirement: to become once again a direct engine of productive investment without compromising prudential safeguards.
The signal is strong. In an economy facing moderate growth, an acute need for liquidity for businesses, and still-fragile investment demand, the question of credit has become central again. The Central Bank of Tunisia is thus seeking to reorient the financial system toward a more aggressive logic, after several years dominated by risk management, balance-sheet preservation, and tighter prudential standards.
This new stage comes as bank financing remains the main channel of financing for the Tunisian economy. According to data from the Central Bank, the stock of credit to the economy reached 118.6 billion dinars in 2024, but with a growth rate limited to 2.8%, signaling a persistent slowdown in private credit dynamics.
SMEs at the Heart of Financial Fragility
Prioritizing SMEs is no accident. These companies represent the core of Tunisia’s productive fabric, but they remain most exposed to financing constraints. Between rising financing costs, collateral requirements, weak equity, and a deteriorating macroeconomic environment, many firms find themselves trapped in a cycle of underinvestment.
