{"id":69865,"date":"2026-03-31T08:48:47","date_gmt":"2026-03-31T07:48:47","guid":{"rendered":"https:\/\/plumeseconomiques.com\/fr\/?p=69865"},"modified":"2026-03-31T08:51:31","modified_gmt":"2026-03-31T07:51:31","slug":"tunisie-la-bct-maintient-son-taux-a-7-malgre-le-retour-de-linflation","status":"publish","type":"post","link":"https:\/\/plumeseconomiques.com\/fr\/news\/tunisie-la-bct-maintient-son-taux-a-7-malgre-le-retour-de-linflation\/","title":{"rendered":"Tunisie : la BCT maintient son taux \u00e0 7% malgr\u00e9 le retour de l\u2019inflation"},"content":{"rendered":"<p data-start=\"133\" data-end=\"287\">Pas de surprise, mais un signal clair. La <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Banque Centrale de Tunisie<\/span><\/span> garde le cap.<br data-start=\"226\" data-end=\"229\" \/>Le taux directeur reste \u00e0 <strong data-start=\"255\" data-end=\"264\">7,00%<\/strong> au <strong data-start=\"268\" data-end=\"284\">30 mars 2026<\/strong>.<\/p>\n<p data-start=\"289\" data-end=\"301\">Objectif :<\/p>\n<ul data-start=\"302\" data-end=\"390\">\n<li data-section-id=\"1l7ny39\" data-start=\"302\" data-end=\"344\">\u00e9viter un retour brutal de l\u2019inflation<\/li>\n<li data-section-id=\"3nnovi\" data-start=\"345\" data-end=\"390\">sans \u00e9touffer une \u00e9conomie encore fragile<\/li>\n<\/ul>\n<p data-start=\"392\" data-end=\"472\">Le message est simple : <strong data-start=\"416\" data-end=\"440\">attendre et observer<\/strong> dans un environnement instable.<\/p>\n<h2 data-section-id=\"1ix87tm\" data-start=\"479\" data-end=\"542\">Contexte international : inflation import\u00e9e sous pression<\/h2>\n<p data-start=\"544\" data-end=\"595\">Les tensions externes reviennent au premier plan.<\/p>\n<p data-start=\"597\" data-end=\"612\">Facteurs cl\u00e9s :<\/p>\n<ul data-start=\"614\" data-end=\"815\">\n<li data-section-id=\"bqbhxv\" data-start=\"614\" data-end=\"687\">Guerre au Moyen-Orient \u2192 perturbation des cha\u00eenes d\u2019approvisionnement<\/li>\n<li data-section-id=\"bmtajj\" data-start=\"688\" data-end=\"720\">Hausse des prix de l\u2019\u00e9nergie<\/li>\n<li data-section-id=\"gcc6ux\" data-start=\"721\" data-end=\"776\">Rebond des prix des mati\u00e8res premi\u00e8res en mars 2026<\/li>\n<li data-section-id=\"1mylm69\" data-start=\"777\" data-end=\"815\">Augmentation des co\u00fbts des engrais<\/li>\n<\/ul>\n<p data-start=\"817\" data-end=\"832\">Impact direct :<\/p>\n<ul data-start=\"834\" data-end=\"929\">\n<li data-section-id=\"oh7v8x\" data-start=\"834\" data-end=\"868\">hausse des co\u00fbts de production<\/li>\n<li data-section-id=\"16keyj0\" data-start=\"869\" data-end=\"929\">transmission progressive vers les prix \u00e0 la consommation<\/li>\n<\/ul>\n<p data-start=\"931\" data-end=\"1049\">Concr\u00e8tement : la Tunisie subit une <strong data-start=\"970\" data-end=\"992\">inflation import\u00e9e<\/strong>, difficile \u00e0 contr\u00f4ler par la politique mon\u00e9taire seule.<\/p>\n<h2 data-section-id=\"6mjska\" data-start=\"1056\" data-end=\"1117\">Inflation en Tunisie : la d\u00e9sinflation marque une pause<\/h2>\n<p data-start=\"1119\" data-end=\"1176\">Apr\u00e8s plusieurs mois de ralentissement, la tendance cale.<\/p>\n<h3 data-section-id=\"gx1jxr\" data-start=\"1178\" data-end=\"1197\">Chiffres cl\u00e9s :<\/h3>\n<ul data-start=\"1199\" data-end=\"1502\">\n<li data-section-id=\"z8cq60\" data-start=\"1199\" data-end=\"1285\">Inflation globale :\n<ul data-start=\"1225\" data-end=\"1285\">\n<li data-section-id=\"vw9whi\" data-start=\"1225\" data-end=\"1252\"><strong data-start=\"1227\" data-end=\"1250\">5,0% (f\u00e9vrier 2026)<\/strong><\/li>\n<li data-section-id=\"1shi2o2\" data-start=\"1255\" data-end=\"1285\">vs <strong data-start=\"1260\" data-end=\"1283\">4,8% (janvier 2026)<\/strong><\/li>\n<\/ul>\n<\/li>\n<li data-section-id=\"1ayyp3v\" data-start=\"1287\" data-end=\"1374\">Produits alimentaires frais :\n<ul data-start=\"1323\" data-end=\"1374\">\n<li data-section-id=\"1ko84zi\" data-start=\"1323\" data-end=\"1337\"><strong data-start=\"1325\" data-end=\"1335\">+11,4%<\/strong><\/li>\n<li data-section-id=\"1m6ca8\" data-start=\"1340\" data-end=\"1374\">vs <strong data-start=\"1345\" data-end=\"1355\">+10,3%<\/strong> un mois plus t\u00f4t<\/li>\n<\/ul>\n<\/li>\n<li data-section-id=\"u53fcc\" data-start=\"1376\" data-end=\"1441\">Produits administr\u00e9s :\n<ul data-start=\"1405\" data-end=\"1441\">\n<li data-section-id=\"13daq3u\" data-start=\"1405\" data-end=\"1441\"><strong data-start=\"1407\" data-end=\"1416\">+0,8%<\/strong> (prix toujours encadr\u00e9s)<\/li>\n<\/ul>\n<\/li>\n<li data-section-id=\"ec4m03\" data-start=\"1443\" data-end=\"1502\">Inflation sous-jacente :\n<ul data-start=\"1474\" data-end=\"1502\">\n<li data-section-id=\"1h3qu25\" data-start=\"1474\" data-end=\"1486\"><strong data-start=\"1476\" data-end=\"1484\">4,8%<\/strong><\/li>\n<li data-section-id=\"mw31l5\" data-start=\"1489\" data-end=\"1502\">vs <strong data-start=\"1494\" data-end=\"1502\">4,9%<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 data-section-id=\"kyz6mj\" data-start=\"1504\" data-end=\"1524\">Lecture rapide :<\/h3>\n<ul data-start=\"1526\" data-end=\"1682\">\n<li data-section-id=\"4n021l\" data-start=\"1526\" data-end=\"1572\">la pression vient surtout de l\u2019alimentaire<\/li>\n<li data-section-id=\"1ea9mjf\" data-start=\"1573\" data-end=\"1625\">le reste de l\u2019\u00e9conomie reste relativement stable<\/li>\n<li data-section-id=\"saj073\" data-start=\"1626\" data-end=\"1682\">la d\u00e9sinflation n\u2019est pas cass\u00e9e\u2026 mais elle ralentit<\/li>\n<\/ul>\n<h2 data-section-id=\"z0jcts\" data-start=\"1689\" data-end=\"1737\">\u00c9quilibres ext\u00e9rieurs : nette am\u00e9lioration<\/h2>\n<p data-start=\"1739\" data-end=\"1772\">C\u2019est le point positif du moment.<\/p>\n<h3 data-section-id=\"1ad53io\" data-start=\"1774\" data-end=\"1795\">D\u00e9ficit courant :<\/h3>\n<ul data-start=\"1797\" data-end=\"1893\">\n<li data-section-id=\"13z8b7z\" data-start=\"1797\" data-end=\"1841\"><strong data-start=\"1799\" data-end=\"1839\">309 millions de dinars (0,2% du PIB)<\/strong><\/li>\n<li data-section-id=\"q22lu3\" data-start=\"1842\" data-end=\"1893\">vs <strong data-start=\"1847\" data-end=\"1879\">1,388 milliard (0,8% du PIB)<\/strong> un an avant<\/li>\n<\/ul>\n<h3 data-section-id=\"k67dzs\" data-start=\"1895\" data-end=\"1919\">Commerce ext\u00e9rieur :<\/h3>\n<ul data-start=\"1921\" data-end=\"2028\">\n<li data-section-id=\"l39nys\" data-start=\"1921\" data-end=\"1980\">D\u00e9ficit commercial r\u00e9duit de <strong data-start=\"1952\" data-end=\"1978\">733 millions de dinars<\/strong><\/li>\n<li data-section-id=\"qynjvh\" data-start=\"1981\" data-end=\"2028\">Niveau actuel : <strong data-start=\"1999\" data-end=\"2028\">\u2248 2,8 milliards de dinars<\/strong><\/li>\n<\/ul>\n<h3 data-section-id=\"1kcjgdw\" data-start=\"2030\" data-end=\"2054\">Entr\u00e9es de devises :<\/h3>\n<ul data-start=\"2056\" data-end=\"2131\">\n<li data-section-id=\"1r1xwiv\" data-start=\"2056\" data-end=\"2079\">Tourisme en reprise<\/li>\n<li data-section-id=\"guge4l\" data-start=\"2080\" data-end=\"2131\">Transferts des Tunisiens \u00e0 l\u2019\u00e9tranger en hausse<\/li>\n<\/ul>\n<h3 data-section-id=\"1g9cfn\" data-start=\"2133\" data-end=\"2158\">R\u00e9serves en devises :<\/h3>\n<ul data-start=\"2160\" data-end=\"2258\">\n<li data-section-id=\"13egra1\" data-start=\"2160\" data-end=\"2192\"><strong data-start=\"2162\" data-end=\"2190\">25,1 milliards de dinars<\/strong><\/li>\n<li data-section-id=\"15hstf6\" data-start=\"2193\" data-end=\"2229\">soit <strong data-start=\"2200\" data-end=\"2227\">106 jours d\u2019importation<\/strong><\/li>\n<li data-section-id=\"e7vblu\" data-start=\"2230\" data-end=\"2258\">vs <strong data-start=\"2235\" data-end=\"2248\">101 jours<\/strong> en 2025<\/li>\n<\/ul>\n<p data-start=\"2260\" data-end=\"2389\">La Tunisie respire mieux c\u00f4t\u00e9 devises, ce qui donne \u00e0 la BCT <strong data-start=\"2348\" data-end=\"2388\">une marge de man\u0153uvre suppl\u00e9mentaire<\/strong>.<\/p>\n<h2 data-section-id=\"1q4obr4\" data-start=\"2396\" data-end=\"2451\">Pourquoi la BCT maintient son taux directeur \u00e0 7%<\/h2>\n<p data-start=\"2453\" data-end=\"2486\">Le choix est calcul\u00e9, pas passif.<\/p>\n<h3 data-section-id=\"1mi1484\" data-start=\"2488\" data-end=\"2513\">Ce que la BCT \u00e9vite :<\/h3>\n<ul data-start=\"2515\" data-end=\"2627\">\n<li data-section-id=\"195jypr\" data-start=\"2515\" data-end=\"2559\">Baisser le taux \u2192 relancer l\u2019inflation<\/li>\n<li data-section-id=\"2vfazu\" data-start=\"2560\" data-end=\"2627\">Augmenter le taux \u2192 freiner l\u2019investissement et la croissance<\/li>\n<\/ul>\n<h3 data-section-id=\"12v0at1\" data-start=\"2629\" data-end=\"2653\">Ce qu\u2019elle cherche :<\/h3>\n<ul data-start=\"2655\" data-end=\"2757\">\n<li data-section-id=\"ywnhrs\" data-start=\"2655\" data-end=\"2687\">stabiliser les anticipations<\/li>\n<li data-section-id=\"12inbne\" data-start=\"2688\" data-end=\"2721\">contenir l\u2019inflation import\u00e9e<\/li>\n<li data-section-id=\"3sikj3\" data-start=\"2722\" data-end=\"2757\">pr\u00e9server l\u2019activit\u00e9 \u00e9conomique<\/li>\n<\/ul>\n<p data-start=\"2759\" data-end=\"2823\">Traduction :<br data-start=\"2774\" data-end=\"2777\" \/><strong data-start=\"2777\" data-end=\"2823\">politique mon\u00e9taire en mode attente active<\/strong><\/p>\n<h2 data-section-id=\"1xz7c0x\" data-start=\"2830\" data-end=\"2868\">Les risques \u00e0 surveiller en 2026<\/h2>\n<p data-start=\"2870\" data-end=\"2899\">La trajectoire reste fragile.<\/p>\n<p data-start=\"2901\" data-end=\"2921\">Principaux risques :<\/p>\n<ul data-start=\"2923\" data-end=\"3091\">\n<li data-section-id=\"1fhl1r7\" data-start=\"2923\" data-end=\"2966\">prolongation des tensions g\u00e9opolitiques<\/li>\n<li data-section-id=\"1n8b6i6\" data-start=\"2967\" data-end=\"3009\">nouveau choc sur les prix de l\u2019\u00e9nergie<\/li>\n<li data-section-id=\"1j4sels\" data-start=\"3010\" data-end=\"3055\">transmission rapide aux prix alimentaires<\/li>\n<li data-section-id=\"ov7dio\" data-start=\"3056\" data-end=\"3091\">pression sur le pouvoir d\u2019achat<\/li>\n<\/ul>\n<h2 data-section-id=\"el6os\" data-start=\"3098\" data-end=\"3143\">\u00a0Lecture pour investisseurs et d\u00e9cideurs<\/h2>\n<p data-start=\"3145\" data-end=\"3184\">Ce statu quo envoie plusieurs signaux :<\/p>\n<ul data-start=\"3186\" data-end=\"3366\">\n<li data-section-id=\"135akfb\" data-start=\"3186\" data-end=\"3227\"><strong data-start=\"3188\" data-end=\"3225\">Stabilit\u00e9 mon\u00e9taire \u00e0 court terme<\/strong><\/li>\n<li data-section-id=\"1440mdk\" data-start=\"3228\" data-end=\"3272\"><strong data-start=\"3230\" data-end=\"3270\">Pas de baisse rapide des taux en vue<\/strong><\/li>\n<li data-section-id=\"tp2nwa\" data-start=\"3273\" data-end=\"3317\"><strong data-start=\"3275\" data-end=\"3315\">Inflation toujours sous surveillance<\/strong><\/li>\n<li data-section-id=\"8qgihr\" data-start=\"3318\" data-end=\"3366\"><strong data-start=\"3320\" data-end=\"3364\">Am\u00e9lioration du risque externe (devises)<\/strong><\/li>\n<\/ul>\n<p data-start=\"3368\" data-end=\"3381\">\u00a0En clair :<\/p>\n<ul data-start=\"3383\" data-end=\"3499\">\n<li data-section-id=\"1yqexye\" data-start=\"3383\" data-end=\"3415\">financement toujours co\u00fbteux<\/li>\n<li data-section-id=\"q117gn\" data-start=\"3416\" data-end=\"3450\">environnement encore incertain<\/li>\n<li data-section-id=\"1m0owcj\" data-start=\"3451\" data-end=\"3499\">mais fondamentaux ext\u00e9rieurs en am\u00e9lioration<\/li>\n<\/ul>\n<h2><strong data-start=\"52\" data-end=\"85\">Cap sur la prudence mon\u00e9taire<\/strong><\/h2>\n<p data-start=\"3523\" data-end=\"3639\">La <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Banque Centrale de Tunisie<\/span><\/span> joue la prudence.<br data-start=\"3581\" data-end=\"3584\" \/>Pas de mouvement brutal, mais une vigilance maximale.<\/p>\n<p data-start=\"3641\" data-end=\"3669\">Le vrai enjeu maintenant :<\/p>\n<ul data-start=\"3670\" data-end=\"3753\">\n<li data-section-id=\"wp1pqp\" data-start=\"3670\" data-end=\"3715\">la capacit\u00e9 \u00e0 absorber les chocs externes<\/li>\n<li data-section-id=\"5b60j8\" data-start=\"3716\" data-end=\"3753\">sans casser la reprise \u00e9conomique<\/li>\n<\/ul>\n<p data-start=\"3755\" data-end=\"3827\">Le prochain mouvement d\u00e9pendra moins de Tunis\u2026 que du reste du monde.<\/p>\n<h2 data-section-id=\"ip7yky\" data-start=\"3993\" data-end=\"4034\"><\/h2>\n<p data-start=\"4035\" data-end=\"4176\" data-is-last-node=\"\" data-is-only-node=\"\">\n","protected":false},"excerpt":{"rendered":"<p>Pas de surprise, mais un signal clair. La Banque Centrale de Tunisie garde le cap.Le taux directeur reste \u00e0 7,00% au 30 mars 2026. Objectif : \u00e9viter un retour brutal de l\u2019inflation sans \u00e9touffer une \u00e9conomie encore fragile Le message est simple : attendre et observer dans un environnement instable. Contexte international : inflation import\u00e9e [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":61329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"La BCT maintient le taux directeur \u00e0 7% face au retour de l\u2019inflation et aux tensions mondiales analyse claire et chiffr\u00e9e pour investisseurs","_seopress_robots_index":"","footnotes":""},"categories":[61],"tags":[],"class_list":{"0":"post-69865","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"_links":{"self":[{"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/posts\/69865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/comments?post=69865"}],"version-history":[{"count":1,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/posts\/69865\/revisions"}],"predecessor-version":[{"id":69868,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/posts\/69865\/revisions\/69868"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/media\/61329"}],"wp:attachment":[{"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/media?parent=69865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/categories?post=69865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/tags?post=69865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}