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Tunisia: Foreign Currency Reserves Reach TND17B

Tunisia: Foreign Currency Reserves Reach TND17B

Friday, 16 August, 2019 - 08:00
People walk out of the Central Bank in Tunis, Tunisia, March 8, 2018. REUTERS/Zoubeir Souissi
Tunis - Mongi Saidani
Tunisia’s foreign currency reserves reached TND17 billion (USD5.7 billion), according to data released by the Central Bank of Tunisia (BCT).

The country’s foreign exchange reserves were fewer than TND11 billion, during the same period (first half of August) last year.

The latest data is an indication that the country's ability to cover imports to 95 days up from 73 days has increased for the first time in months.

Further, Tunisia received the sixth tranche of the IMF loan. BCT data showed a progress on the level of securities and coins in the Tunisian market of 14.5 percent, exceeding TND14.2 billion in comparison to TND12.4 billion during the same period last year.

In this regard, Economist Ezzedine Suaidan called to abstain from overreacting to the figures despite them being positive, noting that they are directly linked to the sixth tranche of the loan.

Suaidan stressed that they are not a result of progress in economic performance, investments and exports.

On another level, the National Institute of Statistics has affirmed that China and Turkey stand behind half of the deficit in Tunisia’s trade balance level.

A series of procedures taken by the Tunisian government haven’t shown any impact yet, it said, adding that the trade deficit is increasing from year to year.

Trade deficit in Tunisia exceeded end of August 2018 TND11.3 billion (around USD3.9 billion). The trade balance was negative during the last year and deficit was estimated at a minimum of TND19 billion.

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