Press release of the BCT Executive Board meeting held on 4 October 2017

Press release of the BCT Executive Board

meeting held on 4 October 2017


In the beginning of its periodical meeting dated 4 October 2017, the Central Bank of Tunisia’s Executive Board considered the national economic, financial and monetary situation’s developments, while outlining recent data and trends in economic activity and transactions on the money and the foreign exchange markets, as well as the liquidity situation and the banking sector’s activity.

In this regard, the Board has particularly highlighted the ongoing pressure on the external sector’s balance, given the current deficit’s widening: 6.6% GDP at the end of the first eight months of 2017 (against 5.8% a year before), due to the trade balance’s widening which exceeded 10 billion dinars. Worth of note that the balance of services and factor income improved with a surplus exceeding 1,800 MTD over the same period in line with the progress of tourist receipts and remittances of Tunisians living abroad, by 22.3% and 12.6% respectively.

Moreover, and in the framework of monitoring the situation of foreign exchange reserves, the Board took notice of a set of data about the preliminary results of foreign currency reserves management over the first half of the current year and discussed the adopted strategy and tools as regards placement of reserves in foreign currency on external markets, notably in terms of liquidity, yield and risk management.

On the other hand, and in line with the continuous increase in fiduciary circulation, the Board examined a note about the evolution of cash payment operations at an accelerated pace lately, compared to the one of the main economic and financial indicators, and potential actions and measures to curb its expansion.

Following discussion and deliberation over the above-mentioned points, the Board underlined the need to carry on with a close follow up of the trend in economic and monetary indicators and to foster measures targeting fiduciary circulation rationalisation in collaboration with the various relevant parties, and decided to keep unchanged the Central Bank’s key interest rate.

(For more data on the economic and financial economic situation, you can refer the Central Bank of Tunisia’s web site: