The Central Bank of Tunisia (BCT) has reduced its key interest rate for the first time in five months, even as interbank lending rates held firm, according to its latest monetary data.
In a move signaling a shift in policy direction, the BCT’s Executive Board lowered the benchmark interest rate by 50 basis points to 7.0% during its December 30 meeting. This was the board’s first-rate decision since July.
The cut comes against a backdrop of notable steadiness in the money market. The average Money Market Rate (MMR) remained unchanged at 7.49% in December, marking the fourth consecutive month at that level.
A Year in Review: Gradual Decline to Stability
The MMR entered 2025 at a higher plateau of 7.99%, maintaining that level through January and February. A gradual easing began in March, with the rate dipping to 7.91%, followed by a more significant drop to 7.50% in April.
This 7.50% rate held steady for a five-month period from April through August. A marginal decrease to 7.49% occurred in September, establishing the level that would persist through year-end.
The divergence between the newly lowered central bank rate and the stable market rate will be a key focus for analysts monitoring liquidity conditions and the transmission of monetary policy in the coming months.
TunisianMonitorOnline (BRC)
