Fall in foreign currency reserves results from stockpiling wheat, oil and medicine (director of treasury at STB) | Tunisia News Gazette

Fall in foreign currency reserves results from stockpiling wheat, oil and medicine (director of treasury at STB)

The continued decline in foreign currency reserves that reached the equivalent of 76 days import, as of March 19, compared to 102 days in the same period last year, is due to a number of factors, including the government’s choice to stockpile wheat, oil and medicine, for several months, especially as prices for these products are steadily rising abroad, which will allow avoiding imported inflation, director of treasury at the Societe Tunisienne de Banque (STB) Osama Mellouli told TAP.

“The move to stockpile these materials is a first in Tunisia. Usually, we buy our needs throughout the year,” said the official.

As a reminder, Director of Control and Market Analysis at the Central Banks of Tunisia (BCT), Mohamed Skima had recently announced that Tunisia has, since the beginning of the current year, imported energy for $ 760 million, grain for $ 120 million and medicine for $ 100 million.

Added to this is the fact that Tunisia does not have an activity bringing in foreign currency throughout the year, but rather some seasonal sectors including tourism, and some agricultural products, namely olive oil, dates, citrus fruits

The director at STB noted that during this period, we are in a “standby” phase, pending the new season of olive oil export, stating that the situation of foreign exchange reserves will improve in the next two months.

On the depreciation of the dinar, Mellouli estimated that the exchange rate reflects the balance of power between our economy and the rest of the world’s economies, particularly the economy of the European zone (for the euro) and all countries using the US dollar.

And since our production system is stalling and we are moving more and more towards import while exports are below estimates, the recovery of our dinar is unachievable at present, he said in conclusion.

Source: TAP News Agency

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