"Measures for free mobility of capital for non-resident economic operators soon" (Chedly Ayari) | Tunisia News Gazette

“Measures for free mobility of capital for non-resident economic operators soon” (Chedly Ayari)

“The Central Bank of Tunisia has been conducting since 2016 a review of foreign exchange regulations with a view to easing certain procedures and soothing exchange rate constraint on both resident and non-resident economic operators and to establish a framework favouring the free mobility of capital,” governor of the Central Bank of Tunisia (BCT), Chedly Ayari said Wednesday.

Speaking at a workshop on problems of transfer organised by the Tunisian-French Chamber of Commerce and Industry (CTFCI), Ayari pointed to the “the imminent adoption of a series of measures for non-resident economic operators”.

The Governor of the Central Bank said “Tunisia has favoured a gradual process of liberalisation in view of the absence of the preconditions necessary to go into a full liberalisation of financial relations with foreign countries, conditions based on prerequisites in terms of macro-economic fundamentals, a robust and resilient financial system and an adequate level of foreign exchange reserves”.

Speaking to foreign investors present, he stressed that “Tunisia is worth playing as risk. You are not asked to assume the security risk that remains our responsibility, but you must at least assume the business and economic risk.

Ayari has also invited foreign investors to rethink their investment models to focus on high-tech and high-value-added investments and move away from the outsourcing and low-cost investment model that has had its day.

Asked about the convertibility of the dinar, he said that “this convertibility is a long-standing goal in the country’s monetary policy agenda but is slow in coming because the macro-economy is not yet favorable to such a step, with a level of foreign exchange reserves that does not give this security latitude to go in this direction and an economic system that still does not find its breath.

“We must not make convertibility a fundamental and determining element of the economic future of the country, at least for the short term,” he pointed out, adding “that it is a sovereign decision that is not in the powers of the BCT and should be taken only when the general economic context is favorable.

Regarding the parity of the dinar which is a major concern, he stressed that “the openness of the Tunisian economy exposes it more to exogenous shocks which are reflected among others in its currency.

The dinar is subject to the strong monetary volatility of the two currencies to which it is extremely tied (the dollar and the euro) but over which it has no hold”.

On another level, Ayari reported that a foreign exchange amnesty law has been passed to the HPR, which alone can decide the timing of its discussion.

On Tunisia’s lagging behind in new payment technologies, Ayari noted that a committee set up within the BCT is currently working on the integration of new payment methods “, saying that Tunisia will host, on a French proposal, an African summit on the blockchain (data storage and transformation technology), which will be an important opportunity to understand the possibilities of integration of this technology”

Source: TAP News Agency

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