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Tunisia: Central Bank maintains its key rate

The Executive Board of Tunisia’s Central Bank which  met on Thursday , said , in a press release , that despite ongoing fallouts of the financial crisis on the world economy, the international environment was marked over the last period by appearance of some indicators foreseeing relative improvement of the economic outlook in the industrialized and the emerging countries.

The board attributes this improvement to important budgetary recovery programmes and accommodating monetary policies which contributed to boost demands. Concurrently, prices of most commodities went up, notably for oil and some industrial raw materials, whereas the main international stock market indexes posted a positive evolution and the foreign exchange rates pursued their fluctuations with an upward tendency in the euro/dollar parity.

With regard to the trend in the national economy, it was marked by better level of agricultural production, mainly cereals, as well as energy and mining sectors production. On the other hand, exports of the mechanical and electrical industries and of the sector of textile and clothing increased in July 2009 compared to July 2008 following a drop that was posted as of November 2008 in the wake of tighter external demand.

Worth of note that repercussions of the world financial crisis on tourist activity and air transport were pursued for the European market.

At the monetary level, M3 money supply and financing to the economy increased, over the first seven months of the current year, by 8% and 6% respectively compared with December 2008.

Excess liquidity on the money market went on in current August while day-to-day interest rate on this market fluctuated between 4.04% et 4.35% over the same month. Net assets in foreign currency amounted to 12,940 MTD on 25 August 2009, corresponding to 173 days of import, against 10,664 MTD and 137 days over the same date a year earlier.

With regard to the trend of the dinar on the foreign exchange market, it shows a 0.3% depreciation against the euro and a stability against the American dollar.

Similarly, inflation stabilised, in the first seven months of the current year, at 3.3% against 5.5% in the same period of last year.

In light of these evolutions, the Executive Board decided to keep unchanged the key rate of the Central Bank of Tunisia.

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