The Ministry of Finance has just spelled out the characteristics and basic principles underpinning the draft new Foreign Exchange Code, with liberalization as the principle and authorizations as the exception.
Sonia Zoghlami, Director General of Finance at the Ministry of Finance, emphasized that the draft new legislation and related measures are part of a drive to open up new economic prospects through the gradual liberalization of economic transactions, particularly financial transactions, in order to promote a qualitative economic recovery.
Its main thrusts include revising the concept of residence, approving the principles for liberalizing certain transfers linked to financial payments between Tunisia and abroad, authorizing crypto-currency transactions and developing the manual foreign exchange system.
They also include creating the status of authorized foreign exchange operator to enable Tunisian companies, including start-ups, to make transfers abroad, and revising the system of sanctions and financial penalties.
The Foreign Exchange Code aims to put in place a unified legislative framework that will put an end to the multiplicity of texts and reduce the number of texts applying to foreign exchange legislation, and meet the requirements of activities that contribute to increasing exports and foreign exchange reserves.
The aim is also to improve the business and investment climate, enhance the competitiveness of economic enterprises and support them in accessing foreign markets, integrate economic activity into its global environment and digitize financial transactions abroad.
The code also aims to enable the gradual liberalization of financial exchanges in order to strengthen economic growth and not affect global economic balances, as well as to resolve the problems (possession of foreign currency and opening foreign currency accounts) faced by Tunisians living abroad, non-residents and foreigners travelling through Tunisia.
Ahmed Hachani: a “legislative revolution
On March 14, 2024, the Cabinet meeting approved the final version of the draft Foreign Exchange Code. This new regulatory framework is intended to replace the current one, which has been in place since 1976.
The major innovation in this draft is undoubtedly the authorization to deal in encrypted assets. This measure would remove the legislative vagueness that currently surrounds their use in Tunisia.
The draft code, which has been in preparation since at least 2022, should also make it possible to revise the concept of residence and liberalize certain transactions relating to payments between Tunisia and other countries, according to a press release issued by the Prime Ministry.
The drafting of this new foreign exchange code is also aimed at the gradual liberalization of financial exchanges so as to strengthen economic growth without harming the overall economic balance, the same source said.
Prime Minister Ahmed Hachani, sees this draft code as a legislative revolution and a historic turning point. He added that this project and the measures arising from it are part of the process of opening up new economic prospects for the country.
