The Tunisian dinar has recorded contrasting evolutions against the main foreign currencies during the first nine months of 2026. According to the conjuncture bulletin of the Central Bank of Tunisia (BCT), the national currency remained almost stable against the euro at the end of September 2026, while depreciating by 2.6 % against the US dollar compared with the end of December 2025.
The essentials
- Euro : the dinar remained almost stable at end-September 2026 compared with end-2025.
- US dollar : a depreciation of 2.6% of the dinar over the same period.
- Moroccan dirham : an appreciation of 4.3% of the dinar at end-September.
- Japanese yen : a depreciation of 1.6% of the dinar at end-September.
- Average January-September 2026 : the dinar appreciated by 3.6% against the dollar and depreciated by 0.7% against the euro, compared with the same period in 2025.
The dinar gains 4.3% against the Moroccan dirham
As of end-September 2026, compared with its end-December 2025 levels, the Tunisian dinar showed an appreciation of 4.3 % against the Moroccan dirham.
By contrast, the national currency depreciated by 2.6% against the US dollar and by 1.6% against the Japanese yen. Against the euro, the dinar remained virtually stable.
On the international foreign exchange market, the euro depreciated by 3.4% against the US dollar during the period considered, according to data from the BCT.
Exchange rates: the dinar’s variations as of end-September 2026
The following table presents the variations of the Tunisian dinar against the main currencies, between end-December 2025 and end-September 2026.
| Currency | Dinar variation | Movement |
|---|---|---|
| Euro (EUR) | Near-stability | Stable |
| US Dollar (USD) | −2.6 % | Depreciation |
| Moroccan Dirham (MAD) | +4.3 % | Appreciation |
| Japanese Yen (JPY) | −1.6 % | Depreciation |
Source: Central Bank of Tunisia (BCT), conjuncture bulletin. Comparison between end-December 2025 levels and end-September 2026 levels.
Over nine months, the dinar advances on average by 3.6% against the dollar
The evolution of average exchange rates nevertheless reveals a trend different from that observed between the two end-of-period dates.
In the first nine months of 2026, compared with the same period in 2025, the Tunisian dinar appreciated on average by 3.6 % against the US dollar, by 2.3% against the Moroccan dirham and by 10.7% against the Japanese yen.
Conversely, the national currency recorded a slight depreciation of 0.7% against the euro.
| Currency | Average variation of the dinar | Movement |
|---|---|---|
| US Dollar (USD) | +3.6 % | Appreciation |
| Moroccan Dirham (MAD) | +2.3 % | Appreciation |
| Japanese Yen (JPY) | +10.7 % | Appreciation |
| Euro (EUR) | −0.7 % | Depreciation |
Source: BCT. Variation of the average exchange rate from January–September 2026 compared with January–September 2025.
Why do the two comparisons yield different results?
The data published by the Central Bank of Tunisia highlight two distinct evolutions: a depreciation of the dinar against the dollar by end-September 2026 compared with end-December 2025, but an appreciation of its average exchange rate against that same currency over the first nine months of the year, in year-on-year terms.
This difference is explained by the reference periods used. The first measure compares two exchange levels at specific dates, while the second looks at the averages observed over two nine-month periods.
Thus, the results are not contradictory and should be interpreted separately to properly assess the evolution of the Tunisian dinar.
