28 May 2018

Tunisia: Economic Juncture Requires Use of Borrowing From International Market (BCT)

Tunis/Tunisia — The Board of Directors of the Central Bank of Tunisia (BCT) announced Monday, having completed the examination of the issuance of a bond on the international financial market for the benefit of the state budget.

The Board considered that the economic situation requires this exit on the international market, to meet funding requirements especially with the pressures on the foreign exchange reserves on the one hand and on the liquidity in the domestic financial market, on the other hand".

In a statement issued by the BCT, the Board of Directors said that "the loan transaction is part of the mobilisation of resources for the benefit of the state budget, provided in the budget for the year of 2018 and to meet the needs of the State in foreign exchange, either as financing of the budget deficit or the current account deficit".

The Board has also examined the draft circular to banks on the development of capital ratios through the introduction of new provisions, with regard to market risks, to gradually adapt to international standards.

The Board also decided to maintain the central bank's interest rate unchanged at 5.75%.

The BCT had raised the policy rate which was 5%, 0.75% in March 2018.

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