Tunis — The meeting of the Executive Board of the Central Bank of Tunisia (BCT) gathered on Thursday to study the development of the national and international environment noted with optimism that the international environment during the third quarter of 2009 is marked by an increase in the number of indicators showing a recovery of the world economic activity.

The BCT communiqué notes that consumer prices have increased again in the industrialized countries, after a relatively long period of decrease.

Concurrently, the exchange rate of the main foreign currencies continued to fluctuate with an upward trend of the US dollar against the euro.

The main world stock exchange indexes posted also the same tendency. As for the national economy, and despite repercussions of the world financial crisis, notably, at the level of exports, the Tunisian economy is likely to achieve a growth rate of 3.1% thanks, mainly, to a better agricultural production and a higher service activity.

At the monetary level, M3 money supply and financing to the economy grew, in 2009, by 12.1% and 10.5% respectively compared to 2008. Excess bank liquidity was pursued in current January and the Central Bank of Tunisia intervened to mop up this surplus with an average amount of 823 MTD. Day-to-day interest rate on the money market fluctuated, over the same month, between 4.05% and 4.20% compared to an average amount of 4.18% last December, writes the communiqué.

As of the beginning of 2010 and up to January 27, trend in the dinar on the foreign exchange market shows a1.9 % depreciation against the US dollar and an appreciation of 0.7% against the Euro.

Similarly, inflation stabilized at 3.7% in 2009 against 5.5% in the same period of last year.

In light of this evolution, the Bank's Executive Board has decided to maintain its key interest rate.