Tunisian bank lending to businesses jumps as gov’t borrowing slows

Tunisian banks lent businesses TND 2.2 bn in 1H 2026, against TND 1.27 bn added over the same period last year, according to the Central Bank of Tunisia’s (BCT) Economic Trends Bulletin. Total claims on the economy rose 3% (TND 3.74 bn), increasing 1.7 percentage points from 1H 2025.

The government’s borrowing slowed, and that’s primarily where the money came from. Banks’ net claims on the state grew TND 4.4 bn in 1H 2026, down from TND 5.8 bn a year earlier. The Treasury took TND 1.45 bn less from banks than it did a year ago. The state is still the system’s dominant borrower — its book grew at twice the rate of the corporate book — but grew a little less aggressively, which was enough to move private-sector numbers.

Why it matters: The crowding out moved, rather than easing. Over the same six months, BCT’s direct advances to the Treasury climbed to TND 16.25 bn, from TND 13.55 bn, according to the bulletin. The Treasury leaned less on deposits and more on newly created money, and the private sector got the difference.

Households went the other way. Lending to individuals grew TND 108 mn in 1H 2026, but that growth is 60% lower than the growth rate recorded last year, and the composition is worse than the total. Mortgages contracted around 1% over the course of the six months, and university loans fell. The overall household lending growth came from home improvement, consumer, and auto credit.