10 April 2014

Tunisia: Trade Deficit More Serious Than General Budget Deficit - BCT Governor

Tunis — "The trade deficit is more serious than the general budget deficit given the considerable foreign currency resources needed," Governor of the Central Bank of Tunisia (BCT) Chedli Ayari pointed out as he was received, on Thursday, by Caretaker President Moncef Marzouki.

"On the contrary, the Tunisian dinar can help plug the general budget deficit," he indicated.

Ayari said he informed the President of the Republic that the trade deficit reached critical levels because of the imbalance between the value of exports and the volume of imports, not to mention the drop in national and foreign investments, a Presidency press release highlighted.

BCT Governor briefed President Marzouki on the financial and economic situation and provided an analysis of the trade balance.

The trade deficit further widened in Q1 of 2014 to 3,290.3MTD against 2,418.9MTD in 2013.

The coverage of imports by exports fell by 6.7 points (67.6% against 74.3%) according to the latest figures of the National Institute of Statistics.

Ayari also presented the bank's financial statements following their adoption by the Board of Directors and their auditing, as stipulated by constitutional provisions in force.

The Governor of the Central Bank urged "swift action to address this situation by means of increasing exports, curbing imports and drawing investments."

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