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An optimistic indicator - Tunisia maintains interest rate

Global Arab Network - - George Haddad

Sunday, 02 August 2009 19:24

An_optimistic_indicator_-_Tunisia_maintains_interest_rate

The Board of the Central Bank of Tunisia gathered has decided to maintain its key interest rate as the Tunisian economic activity was marked by better level of production in the agricultural and non-manufacturing sectors.

At the National level, the Executive Board said in statement following the meeting: “economic activity was marked by better level of production in the agricultural and non-manufacturing sectors, contrasting with the ongoing impact of the drop in external demand in exports and production of manufacturing industries. Recent data on foreign trade show however some attenuation of the regression of exports in both textile / clothing and mechanical / electrical sectors” writes the communiqué.

“Tourism revenues went up by 4% as of current July 20 compared to the same period of 2008, while global bed nights went down by 5.8%.

On the monetary level, money supply (M3) and the financing to the economy went up, over the first half of 2009, by 5.6% and 4.7% respectively.

There was ongoing excess liquidity on the money market during July, though in regression compared to the previous months. Day-to-day interest rates on the money market fluctuated between 4.06% and 4.45% during the same month.

In June 2009, trends in the dinar on the foreign exchange market experienced a relative stability against the euro and a depreciation of 2.3% against the American dollar.”

Concerning the evolution of prices, the communiqué writes that “inflation rate reached 3.3% in average, end of June 2009, against 5.6% during the same period of 2008.”

Tunisia has managed, in a relatively short period of time, to make significant gains on the economic and social planes.

Those gains have earned it the interest and consideration of the international community which, owing to the growth levels attained by the GDP and the improved living conditions of the inhabitants in spite of the country's modest natural resources, presents the Tunisian case as a model of success for developing countries.

A model based on continual search for better balance between the imperatives of sustained economic development and the demands for coherent social promotion.

In accordance with this vision, Man is perceived as a full actor in the development process and the main target of all the policies and choices implemented.

Tunisia has been able to take confident and decisive steps towards the openness of its economy and the achievement of social welfare for its citizens.

A member country of the World Trade Organization (WTO), Tunisia is also the first country on the southern coast of the Mediterranean to have concluded a partnership and cooperation agreement with the European Union, the main component of which is the establishment of a free-trade zone.

In this perspective, Tunisia has initiated an important program of multisectoral reforms aimed at laying the foundations for a solid, diversified and competitive economy capable of adapting to the new international environment.

Global Arab Network

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