In February 2010, the international environment was marked by an ongoing improvement of the world economic activity. The last forecasts of the IMF account for a world growth rate of 3.9% for the current year compared to 0.8% in recession over 2009. Despite these positive indicators, public finance situation in a number of European countries continues to raise worries among investors, further to the time lag between economic growth recovery in the United States and the European countries.
On another level, crude oil prices went up, same trend that marked the dollar exchange rate compared to the other main currencies, notably the euro; and this concurrently with an ongoing volatility of international stock indexes.
A the national level, and as per available data, trade with abroad posted a recovery, in the beginning of 2010, particularly for exports of manufacturing industries. Similarly, tourist sector indicators grew at the level of non-resident entries and overall bednights.
As for prices, the inflation rate came at 4.8% in January 2010 compared to 3.5% in the same month of last year.
At the monetary level, M3 money supply and financing to the economy increased, in January 2010, by 1.4% and 0.6% respectively compared to December 2009. Bank liquidity surplus was pursued, in current February, and the Central Bank of Tunisia intervened to mop up this surplus with an average amount of 949 MTD. During the same month, day to day interest rate on the money market fluctuated between 4.04% and 4.20%, compared to an average rate of 4.07% in January.
The dinar exchange rate posted as of the beginning of the current year and up to 23 February, 5.3% depreciation against the dollar and 0.3% appreciation against the euro.

In light of these evolutions, the Executive Board decided to keep unchanged the key rate of the Central Bank, while working to mop up excess liquidity on the money market and to ensure an appropriate financing of the economy.