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News

PRESS RELEASE OF THE BCT EXECUTIVE BOARD MEETING HELD ON 10 JUNE 2022



At its meeting held on 10 June 2022, the Executive Board decided to keep the key rate unchanged at 7%.

As part of ongoing follow up of the economic and financial situation, the Executive Board of the Central Bank of Tunisia held a meeting on 10 June 2022 and reviewed the latest trends.

At the international level, the Board notes that the international prices of basic foodstuffs and energy continue to be influenced by trends in the Russian-Ukrainian crisis and have so far remained at historically high levels.

At the national level, the Board recorded a certain revival in the economic activity during the first five months of 2022, driven in particular by the “mechanical and electrical industries” and “textile, clothing and leather” sectors.

As for consumer prices, headline inflation continued to rise to peak at 7.8% in annual shift over May 2022 after 7.5% in April 2022, against 5% a year earlier. This upward trend was also perceptible at the level of core inflation "excluding fresh foodstuff and products at administered prices", which increased by 7.3% against 5.1% during the same month of last year.

With regard to the external sector, the Board expresses its deep concern about the continued widening of the current account deficit caused by the significant rise in the import bill, despite sound performance of work remittances and the gradual recovery of tourist receipts.

The Board noted the stability of foreign currency assets during the first ten days of June 2022 at around 8 billion dollars, i.e. more than four months of imports, and underlines the need to move forward quickly in implementing the national reform plan.

The Board notes the importance of closer coordination with all stakeholders in order to limit the impact of the Russian-Ukrainian crisis on macro-fiscal balances and, consequently, on inflation. In addition, it decides to maintain unchanged at 7% the key rate of the Central Bank of Tunisia.