The use of banking services and loans in Tunisia remains costly, particularly for businesses, President of the Observatory of Financial Services Abdellatif Ben Hedia said Sunday.
He told TAP the Observatory’s extended scientific council of the observatory had reviewed at a recent meeting the negative repercussions of the coronavirus pandemic on relations between banks and businesses,
Tension between businesses and banks is growing, especially with the vagueness of a number of tax and financial measures, Ben Hedia pointed out, based on two studies carried out by the United Nations Development Programme (UNDP) and the consulting firm “Ernest & Young.”
He said “Tunisian banks are still looking for profitability, which has impacted their relationship with businesses.”
“The observatory’s scientific council said that the bank-business relationship is characterised by a lack of trust. SMEs still do not comply with the rules of good governance and management. Business leaders often mix their personal assets and the companies’ assets,” it also considered.
“Financial information in businesses remains subsidiary, being essentially intended for the tax administration. Tunisian companies minimize the scope of scientific research and innovation, while moving towards easy solutions to increase their financial resources and limiting themselves to bank loans.”
“The Observatory of Financial Services called for reforming foreign exchange regulations, stressing the need to encourage Tunisian banks to invest more in digitisation so as to create a climate of trust between banks and their customers.”
Source: Tap News Agency