Central Bank of Tunisia raises its key interest rate from 5.75% to 6.75 %

The Central Bank of Tunisia (BCT) said on Wednesday it had raised its key interest rate from 5.75 percent to 6.75 percent, the second hike in three months, to tackle inflation that has reached the highest level since 1990. The bank’s last rate increase was in March, to 5.75 percent from 5.00 percent. Annual inflation hit 7.7 percent in May. At its meeting Wednesday, the Executive Board of the Central Bank of Tunisia noted the persistence of these pressures which “are likely to intensify over the coming period, in the…

IMF calls on Tunisia to take decisive action to strengthen public finances and address rising inflation and falling reserves

Executive Board members of the International Monetary Fund (IMF) urged the Tunisian authorities to strengthen “their commitment to the economic reform programme and take urgent and decisive action to put public finances on a more sustainable path, address rising inflation and falling reserves, and ensure macroeconomic stability.” In a statement released by the Fund Tuesday, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Tunisia and advised the authorities to press ahead with fiscal consolidation. “To increase investment and social expenditure, adjustment efforts should…

EBRD supports international trade in Tunisia

The European Bank for Reconstruction and Development is supporting Tunisia’s expansion of international and intra-regional trade by providing a US$ 20 million trade facility to Banque de Tunisie under the EBRD’s Trade Facilitation Programme. According to EBRD, the trade finance line will allow Banque de Tunisie to issue guarantees in favour of international commercial banks covering the commercial payment risk of the transactions undertaken by Banque de Tunisie. EBRD Managing Director for the Southern and Eastern Mediterranean region, Janet Heckman, said: “We are very pleased to welcome Banque de Tunisie…

Maghreb employers’ leaders agree on revival of Maghreb Union of employers

The Tunisian Confederation of Industry, Trade and Handicrafts (UTICA) announced Monday that the leaders of Maghreb Employers’ associations agreed on Saturday in Libya, the revival of the Maghreb Union of employers. Receiving the presidents of the employers’ organisations of the five Maghreb countries (Morocco, Algeria, Tunisia, Libya and Mauritania), the head of the Libyan government, Faiz Al Serraj affirmed his support for this union, reports a UTICA statement published Monday. UTICA President Samir Majoul underlined, on this occasion, the need to protect the Maghreb Union of Employers from the political…

Tourist receipts reach 38% in first 5 months of 2018

Tourism receipts climb 38 % in Tunisian dinar in the first five months of 2018, compared with the same period last year. These receipts reached 876.2 million dinars, until May 20, 2018. Their increase is about 32% in dollar and 16% in euro, Minister of Tourism and Handicrafts Salma Elloumi Rekik said at a meeting in Monastir. “These indicators reflect the recovery of tourism activity, especially for the European markets, with the arrival of 2 million 500 thousand tourists from the beginning of this year, until May 2018, up 21%…

Tunisia annual inflation rate stands at 7.7 % in May 2018

Tunisia’s annual inflation held steady in May at 7.7 percent year-on-year, official data showed on Thursday. Inflation accelerated from 6.9 percent in January to 7.7 percent in April, its highest level since 1991. The central bank raised its key interest rate to 5.75 percent in March from 5.0 percent to tackle inflation. Prices of free products (non-administered) edged up 8.5% against 5.0% for administered products. Free food products rose by 10.6% against 2.4% for administered products. In May 2018, food prices rose by 9.3% year-on-year (8.9% in April), following the…

Tunisia seeking to close renewable energy gap

As recently as May, 2018, the Tunisian authorities issued a call to tender for the construction of several solar power plants. Tunisia has fixed itself ambitious objectives in matters of energy mix but, for now, the results are meagre. On 15th May, 2018, Tunisia announced pre-qualification for two international calls to tender for the construction of five solar photovoltaic power plants (500MW) and three wind farms (500MW) on a build-own-operate (BOO) basis, representing an estimated total investment of €1bn. Less than a week before, the government had given the go-ahead to…

Tunisia expected to receive 8 mln visitors in 2018

Tunisia is expected to receive 8 million tourists in 2018, said President of Tunisian Association of Travel Agents (FTAV) Jaber Ben Atouch on Monday. According to Atouch, the prediction is based on indicators such as reservation rate and return of European tourists. “This successful summer season started since April, with the confirmation of 650,000 French tourists, an increase of 200 percent compared with the same period of last year,” said Atouch. Tunisia is also prepared to welcome more than 900,000 Russian tourists, “a rising market for Tunisia since 2011,” assured…

Sousse: more than one million tourists expected

More than 1.2 million tourists are expected in the tourist area of ​​Sousse-El Kantaoui during the summer season with an increase in the number of overnight stays to 5 million, according to estimates of the regional tourism commission. From the beginning of the year until May 20, tourism indicators have improved with a rise in arrivals (37.1%). Indeed, 32,979 tourists visited the region and spent, in total, 13,763 overnight stays, up 47.5% over the same period last year. Tourism activity in the region saw a gradual return of traditional markets,…

Mövenpick Hotels & Resorts is taking Tunisia’s tourism recovery to the bank

ecovery for Tunisia’s tourism industry. Moevenpick Hotels and Resorts just today said it was cementing its stronghold in Tunisia with the take over of a contemporary hotel in the coastal city of Sfax. The Swiss hospitality firm signed an agreement with Société Touristique du Sud to manage the Plaza Sfax & Spa Hotel, an upscale property in a prime city center location on Rue Khalid Ibn Walid, close to the historic Medina. The hotel is a short walk to the convention center, another sign also MICE, the meeting and incentive industry…