Tunisia tackles law to modernise foreign exchange

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>Tunisia tackles law to modernise foreign exchange</title></head><body>

TUNIS, Feb 8 (Reuters) -Tunisia's government on Wednesday began discussions on a new foreign exchange bill it says will help to make international business dealings easier, following calls from Tunisian firms for reform.

"Tunisia looks to modernise the exchange system and to gradual liberalisation of financial relations toward a full liberalisation with the outside world," the government said on Wednesday in a statement following talks on the bill.

Investors have to get central bank approval to access hard currency to fund operations abroad, or obtain credit letters to import goods. The central bank issues approval on a case-by-cases basis, a process some firms say is opaque and overly bureaucratic.

Last month, Central Bank Governor Marouan Abassi said the new law should make the local currency system more flexible without giving more details.

The central bank has sought to limit access to hard currency to stem a fall in the dinar since the toppling of autocrat Zine El Abidine Ben Ali in 2011 left Tunisia's economy in crisis.

Tunisian banks are unable to issue credit cards for Tunisians that work abroad and foreigners in Tunisia also face restrictions in making bank transfers abroad unless they register as an offshore entity, which allows them privileges.

Reporting by Tarek Amara; editing by Barbara Lewis


Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.