Tunis/Tunisia — Governor of the Central Bank of Tunisia, Marouane Abassi, said allowing all Tunisians to open foreign currency bank accounts "will not happen in the near future" because the BCT has to preserve its foreign currency reserves.
"However, we are fully committed and will help investors and companies seeking internationalisation to open such accounts," he added during a debate on "Tunisia's economic challenges, opportunities and risks - visions and achievements," organised by the Tunisian-German Chamber of Industry and Commerce in Tunis on Thursday evening.
Efforts are also being made to ensure that individuals and companies operating in the services and new technologies sectors do not leave the country, as part of the new exchange code.
Gradual liberalisation of the dinar
In the same vein, Raoudha Boukadida, director of foreign exchange operations at the BCT, stressed that access to foreign currency accounts for Tunisians will be possible for certain individuals, but not for the entire population.
"We have not reached that stage yet. We are giving priority to people involved in certain professional activities. Through foreign currency accounts, they will be able to finance investments abroad, acquire real estate abroad and make any other current or capital expenditure," she explained.
According to her, the Foreign Exchange Law, which is currently being reviewed by the government, "will gradually liberalise the dinar, taking into account the country's rather complicated economic situation".
This will help improve the country's business climate, she said, noting that foreign participation in the capital of companies established in Tunisia and operating in sectors not regulated by law, such as ICT, will no longer require the approval of the issuing institution.
"This measure is a step forward that will encourage investment," she said.
Revised concept of residency
The official noted that the concept of residency for Tunisian nationals has been revised in the new foreign exchange regulations to encourage mobility and reduce the minimum period of stay in Tunisia.
The aim is to allow Tunisians, especially young people, to work from Tunisia and enjoy the same benefits as those working from abroad. This measure aims to remove ambiguities and difficulties regarding the status and rights of people who work, sometimes remotely, with foreign companies.
Boukadida said the draft law also proposes to grant "permanent" non-resident status to all foreign investors in Tunisia.
This will allow them to maintain their non-resident status regardless of the length of their stay, thus avoiding the problems associated with resident status.
Regarding the "banking commitments" granted to non-residents, the official stressed that one of the priorities of the Central Bank is to include this proposal in the new foreign exchange law. If approved as part of this project, a circular from the BCT will set out the conditions under which local banks may enter into commitments on behalf of their non-resident clients.
Negotiable remuneration for foreign currency accounts
Regarding the remuneration of foreign currency accounts opened in the name of non-resident individuals or entities, it was stated that the idea is to leave it up to the bank and its client to decide. This is a commercial operation that can be negotiated between the bank and the client.
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It was further clarified that the remuneration for foreign currency accounts, as well as for time and demand deposits, is freely negotiated with the account holders on the basis of prevailing market rates in accordance with the applicable provisions, including those relating to the organisation and operation of domestic foreign exchange markets.
The project to revise the foreign exchange law is part of the "improvement of the business climate, the adaptation of foreign exchange legislation to national and international legislative developments and the removal of various obstacles that hinder the commercial and financial exchanges of Tunisian companies with foreign entities", according to the Prime Ministry.
It aims to modernise the foreign exchange system and achieve full liberalisation of financial exchanges with foreign entities, while maintaining macroeconomic balance.
