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Tasks > Monetary policy > Capital market organization

Capital market organisation

Tunis Stock Exchange Market (BVMT) a meeting point between the sellers and the buyers of medium and long term capital and a place for issuing and negotiating title deed (securities) and loan note (bonds). It includes :

  • main capital securities market : open to limited companies meeting a number of criteria for opening the capital to the public, of size, performance, liquidity and transparency;
  • alternative capital securities market : Creating an alternative market aims notably at :
    • allowing Tunisian companies, in particular, small and medium-sized businesses that can not be listed on the main market, to enter the alternative market at rather flexible admission conditions ;
    • encourage company start-up through public call for savings (APE), notably, by earmarking for APE part of financing to "major projects" as of their creation.
  • bond market : open to loan notes issued by the State and local public organisations as well as any other loan note issued by organisations governed by the private law and admitted to negotiation on the market.

Money Market :
        A meeting point between sellers and buyers of liquidity on the short term. This market was, as of its creation, devoted to banks and business concerns. As of 2005, it has become open also to private individuals. Liquidity exchange between banks is carried out in the framework of the credit lines that they can give mutually to each other through firm purchase or allowance uptake of public or private deeds or any other instrument agreed upon between parties. Borrowings of the lending institutions with respect to public or private business concerns or even private individuals are carried out through registered negotiable loan deeds by transfer from one account to another, called certificates of deposits.
        Furthermore, liquidity exchange between companies or with private individuals which can only be carried out through bank intermediaries are effected through registered negotiable loan deeds by transfer from one account to another, called commercial papers. The Central Bank will then intervene to fine tune liquidity either through injections or tappings.

Foreign exchange market :
is where currencies/currencies or currencies/dinars are exchanged. It consists of :

  • Spot exchange market : created as of March 1994. This is where resident and non-resident authorised intermediaries intervene.
  • Forward exchange market : on which resident and non resident authorised intermediaries were allowed as of 1997 to act as counterparts in forward exchange operations on behalf of their resident customers and this with respect to import of goods and services operations and loan and borrowing operations with a maximum duration of 12 months as well as export operations with a maximum duration of 9 months.
    In 2001, it has been decided to extend the use of forward exchange hedging to financial transactions, initially established for commercial operations and to liberalize foreign currency/dinar exchange SWAP transactions and forward rate agreements.

Money market in currency : (created in 1989) on which exchange of liquidity in foreign currency between resident banks and non-resident banks set up in Tunisia is carried out in the form of loans that they give each other mutually.