Summary:

Earlier this month, several Tunisian media outlets, such as Tunisie Telegraph and Alqatiba, reported that the Tunisian Central Bank’s Board of Directors has failed to hold its regular meeting for the fourth consecutive time due to the absence of a legal quorum.   

According to the sources, three key positions remain vacant: the representatives of university professors, the banking sector, and the financial market authority, preventing the board from making decisions on monetary policy.   

The last official meeting took place at the end of July 2025, exceeding the bank’s two-month meeting interval. Sources describe the situation as unprecedented, with the institution effectively “paralyzed” amid rising inflation, declining foreign reserves, and budget financing challenges.   

Observers warn that prolonged vacancies send negative signals to international partners and credit rating agencies, reflecting challenges in coordination between executive authorities and governance challenges in managing economic decisions.  

Outlook: 

The paralysis of the Central Bank underscores the broader political and economic fragility in Tunisia. Delayed decisions on interest rates and exchange rates could exacerbate inflationary pressures and weaken investor confidence, while prolonged institutional deadlock may signal to international partners and credit rating agencies that Tunisia’s governance challenges are affecting its strategic economic management.   

With the ongoing vacancies and the resultant delays in decision-making, Tunisia risks further economic slowdown, increased market volatility, and difficulties in securing external financing.  

Explore our services or speak with our team of North Africa-based risk experts.