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Sunday 20 June 2021
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Tunisia: Banking Act will improve banks’ operations

Finance Minister Slim Chaker said the draft law on banks and financial institutions, under discussion at the House of People’s Representatives (HPR) will allow credit institutions to work in the best conditions.

Speaking Tuesday at a plenary session of the HPR, he called on members to support this legislative initiative that was rejected before.

The government has developed this draft in order to preserve the financial stability of the country, especially after the global financial crisis of 2008.

In an attempt to allay the fears of a number of deputies, Chaker said there are no threats to Tunisian banks, he said, adding that the bill provides several mechanisms that protect credit institutions against bankruptcy, based on the preventive mechanisms of the Central Bank of Tunisia (BCT).

The Minister reiterated that his department has sought to involve all parties, including the Ministry of Finance, BCT, accountants and the Tunisian Professional Association of Banks and Financial Institutions (APTBE), besides financial structures, in developing this project before its review by a Cabinet meeting.

Chaker reminded, in this context, that the Conciliation Committee has reached compromise around several points, in particular, Islamic finance which is regarded now as a banking product. BCT is the only party responsible for the monitoring component.

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