The liberlization process of foreign exchange regulation that has started since 1987, led in December 1992 to the dinar current convertibility.
Since then, resident corporates can freely transfer the amounts of their imports of goods and services. They were aligned, on this level, to fully-exporting corporates which have gained, since 1972, from foreign exchange total freedom for operations pertaining to their production activities.
This process was accompanied, for capital transactions, with the freedom given :
to resident corporates partly or fully-exporting to invest abroad in order to back up their exporting effort ;
to banks and corporates to borrow in foreign currencies for their activities needs within the limits of TD10 million and TD3 million per year respectively. Under the term of new regulations, lending institutions having obtained a grading by a rating agency or listed on the stock exchange market can borrow an unlimited amount of funds from non residents as long as the loan is for a piriod of more than 12 months, while other institutions are held to a 10 million dinar limit.
to foreign investors to take portfolio participations accounting at least for 50% in listed or unlisted Tunisian corporates.
Reforms and various measures undertaken in this framework will strengthen in the prospect of setting up the full convertibility of the dinar.