Summary:

On 7 April 2026, the Finance and Budget Committee of the Tunisian Assembly of People’s Representatives (ARP) examined proposed amendments to the statute of the Central Bank of Tunisia aimed at expanding its role in supporting state financing and reducing public debt costs. The proposals seek to broaden the BCT’s mandate beyond price stability to include stronger support for economic policy, growth, and employment. 

The initiative comes amid sustained pressure on public finances, rising borrowing costs, and financing needs estimated at 27 billion dinars in 2026, with public debt approaching 80 percent of GDP. The proposed amendment also includes measures to improve coordination between monetary and fiscal policy, including potential Central Bank purchases of public debt and use of government bonds for bank refinancing. 

Some MPs raised concerns about possible inflationary effects and risks to the independence of the Central Bank. The committee decided to seek the Central Bank’s opinion before continuing its review. 

Outlook: 

While the committee has not yet made a formal decision on the proposal, the draft suggests a potential shift in the role of the Central Bank from a more narrowly defined role focused on managing inflation toward a more active participant in supporting government financing and economic growth. This could include a more active role via mechanisms that allow indirect or direct financing of public debt at lower cost. This will likely increase internal institutional scrutiny while also weighing on investor confidence, particularly in a context where fiscal constraints remain tight and expected growth remains uncertain. 

The proposal appears consistent with President Kais Saied’s earlier calls to make the Central Bank more flexible in supporting national economic objectives, indicating continuity in the broader policy direction. However, concerns will persist that such a recalibration could weaken monetary discipline and complicate inflation management, especially given Tunisia’s ongoing financing pressures and reliance on external funding. 

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