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\n The amount recorded on August 21 was 16% higher than the 25.9 billion dinars in circulation a year earlier, according to data from the Central Bank of Tunisia.
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\n The milestone extends a sharp rise in cash use that has gathered pace since last year, when Tunisia introduced an overhaul of its cheque system.
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\n For banks, the trend presents a potential liquidity problem. The more money that circulates as physical cash rather than remaining in bank accounts, the smaller the pool of deposits that can be available to finance lending to households and businesses.
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\n Tunisia\u2019s shift towards cash has been building
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\n The latest record is part of a longer change in Tunisia\u2019s payment landscape rather than a one-off increase.
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\n At the end of 2024, banknotes and coins in circulation stood at 22.59 billion dinars.
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\n By the end of 2025, that figure had risen to 26.88 billion dinars, an increase of 19%, according to the Central Bank\u2019s 2025 annual report.
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\n That was considerably faster than the 8.4% increase recorded in 2024 and the 10.7% rise in 2023.
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\n Banknotes accounted for about 98% of Tunisia\u2019s physical currency in circulation at the end of last year.
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\n The upward movement has continued in 2026. Cash in circulation reached 28.2 billion dinars in early April and crossed 29 billion dinars in May before passing the symbolic 30 billion-dinar threshold in August.
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\n Seasonal spending also plays a role. Demand for physical money in Tunisia traditionally increases around Ramadan, religious holidays, the summer season, agricultural campaigns and the back-to-school period.
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\n But regulatory changes are also influencing how Tunisians pay.
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\n Cheque reform changed payment habits
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\n Tunisia introduced major changes to its cheque system in February 2025 as authorities sought to reform the use of cheques and address the treatment of bounced cheques.
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\n The new framework tightened the conditions governing cheque use and changed penalties surrounding cheques without sufficient funds.
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\n The impact has increasingly shown up in payment data. During the first half of 2026, about 3.6 million cheques worth 24.15 billion dinars were processed in Tunisia.
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\n Cheque volumes were down 10.7% from a year earlier, while their total value fell 12.5%.
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\n Earlier Central Bank data showed an even steeper fall in the number of cheques issued following the introduction of the reforms.
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\n As businesses and consumers adjust to the new system, cash has remained an important alternative.
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\n Digital payments are growing, but cash still dominates
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\n Tunisia\u2019s move towards cash is occurring even as electronic payments expand. During the first half of 2026, payments accounted for 42% of the number of electronic payment transactions.
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\n Cash withdrawals still represented the remaining 58%.
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\n That combination highlights the challenge facing Tunisia\u2019s financial system. More people may be using cards and other electronic banking channels, but a substantial portion of that activity is still being used to obtain physical money rather than make digital payments.
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\n The Central Bank has also had to prepare for stronger demand for banknotes.
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\n In 2025, it issued 117 million new banknotes worth 3.51 billion dinars, a 15.3% increase in value from the previous year.
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\n The bank had already launched a programme in 2024 to manufacture different denominations of banknotes to meet expected cash requirements in 2026 and 2027.
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\n Banks face another liquidity challenge
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\n A persistent move towards cash matters beyond how Tunisians pay for everyday purchases.
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\n Commercial banks depend heavily on deposits to fund lending. When consumers and businesses keep more money outside deposit accounts, liquidity available within the banking system can come under pressure.
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\n Tunisia\u2019s banks were already drawing substantial liquidity support from the Central Bank.
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\n Central Bank refinancing to the banking sector stood at 11.59 billion dinars at the end of 2025, although that was down 11.5% from 13.10 billion dinars a year earlier.
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\n Refinancing requirements had reached as high as 15.12 billion dinars in March 2025 before easing.
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\n The rise in physical currency therefore adds another consideration for policymakers trying to balance liquidity, financial inclusion and the transition towards modern payment systems.
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