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The monetary policy
In compliance with new article 33 of the law n°2006-26 of 15 May 2006 modifying the law n°1958-90 of 19 September 1958 dealing with creation and organisation of the Central Bank of Tunisia, the outlined target for monetary policy aims at preserving price stability. In this respect, the Issuing Institution will use the interest rate as a basic instrument which, in line with fine-tuning, will help act on the level of prices.
At the level of practice, the adoption of this new framework will be carried out in two steps :
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In the first step, the BCT will apply a quantitative approach by acting on the monetary basis, considered as an operational target, and by using the open market operations with respect to bank liquidity tuning ;
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In the second step, the Issuing Institution will adopt an inflation targeting policy.
The money market average rate represents a reference for banks in determining their debit and credit interest rates. Interest rates are freely set by banks.
Liquidity exchange between banks is fully carried out in the framework of the interbank market. Money market tuning is ensured by the Central Bank which intervenes on the former to supply or mop up liquidity.
Circular to lending institutions n°2005-09 of July 14, 2005 repealing circular to banks n° 89-14 of 17 may 1989.
Terms for granting, controling and refinancing loans are detailed in circular of the BCT n° 87-47 of 23 December 1987.
The Treasury finances itself at market conditions through issuing Treasury Bonds.
Circular to banks n°91-21 of 22 November 1991 repealing circular to banks n° 89-29 of 18 September 1989.
Market securities
Certificates of deposit can be issued only by banks and leasing companies to bearer and issued at par for a minimum nominal amount representing a multiple of five hundred thousand dinars and for a period of time equal to ten days at least and five years at the most.This duration must be a multiple of ten days, or of months or years.These certificates cannot be paid in by anticipation or bear any premium reimbursement. They have a fixed maturity.
Commercial papers are negociable certifcates of indebtedness and issued at par for minimum nominal amount representing a multiple of fifty thousand dinars. Their duration is 10 days minimum and 5 years maximum. This duration must be a multiple of ten days,of months or years. Commercial papers earn interest at a fixed rate freely determined at the time of issue and cannot comprise reimbursement premium. They must be domiciliated at a bank. The following bodies can issue these securities :
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Companies who have a banking guarantee for issuing the aforesaid Commercial paper ;
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Limited companies with a minimum paid up capital of one million dinars, who have been operating for at least two years, and set up two balance sheets regularly approved by shareholders ;
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Enterprises governed by particular legal provisions.
Listed companies on the stock exchange market and those with a rating confered by an authorised rating agency can issue Commercial papers with neither bank guarantee nor substitution line. Bank guarantee and substitution line are no longer required when issuers and subscribers are members of the same group.
Circular to lending institutions n°2005-10 of july 14, 2005 related to keeping books of certificates of deposits and of Commercial papers.
Public securities
Transferable Treasury bonds (BTC) are borrowing stocks issued by the state on the money market. These stocks are negotiable at all banks intervening on the money market. The unit amount of each bond is fixed at one thousand dinars and the interest rate relating to them is fixed according to offers made by banks during adjudication. These stocks are managed in current accounts and their maturity is made known to banks whenever there is adjudication. Maturity can vary from 13, 26 or 52 weeks and to more than a year (2, 3, 4, 5 or 7 years). As of 1999, the State did no longer issue this category of bonds which were substituted by share issues on the capital market.
Directive of the Minister of Planning and Finance of 20 September 1989 published in JORT n° 66 of 3-6 October 1989.
Treasury bonds negociable on the Stock exchange market (BTNB) They are public issues created in 1993 and issued by the State on the Stock market for a face value of 1000 dinars.
Directive of the Minister of Finance of 16 November 1993 published in JORT n°90 of 26 November 1993.
Bonds equivalent to Treasury bonds (BTA) : They were created in 1997 in the framework of improving public debt management. These bonds are issued by the Treasury on the capital market for a 1000 dinars value, with a maturity varing between two and 15 years.
Decree n°97-2462 of 22 December 1997 published in JORT n°104 of 30 December 1997 repealed by decree n° 2006-1208 of 24 April 2006.
Short-term Treasury bonds (BTCT) : created in 1999, issued on the capital market for a face value of 1000 dinars and with maturities of 13-16 or 52 weeks.
Decree n°99-1782 of 9 August 1999 published in JORT n°68 of 24 August 1999.
Zero-Coupon Treasury bonds : They were created in 2006.
Decree n°2006-1208 of 24 April 2006 published in JORT n°35 of 2 May 2006.
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