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Press release of the BCT Executive Board meeting held on 27 December 2017



The Central Bank of Tunisia’s Executive Board held its periodical meeting on 27 December 2017, and examined the points scheduled in its agenda, outlining recent data and trends in economic activity, the level of prices and transactions on both the money and foreign exchange markets, as well as the liquidity situation and the banking sector’s activity.

The Board considered the economic situation and growth and financial balances’ outlook, underlining notably recent trends in prices and factors that are likely to impact the inflation rate over the forthcoming months.

In this context, the Board highlighted particularly that the inflationary pressure, intensified over the previous months, bringing inflation up to 6.3% last November and 5.2% in terms of monthly average over the first eleven months of 2017, against 3.7% a year before, requires a close monitoring so as to curb the impact of factors that are likely to speed up prices’ evolution in the forthcoming period and consequently take the appropriate monetary measures.

Following deliberations on 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 affirmed its willingness to prevent against inflationary risks and work to mobilize financial resources towards the banking system’s liquidity in order to reinforce its capacities to finance the economy and sustain growth, and decided to keep unchanged the Central Bank’s key interest rate while raising the minimum savings remuneration rate by 100 base points, up to 5% as of January 2018.

This last measure, which will bring the real savings remuneration rate to a positive level, aims to further stimulate savings, hence support financing of domestic investments by means of core resources.

 

 

(For further data on the economic and financial situation, you can visit the Central Bank of Tunisia’s website www.bct.gov.tn).