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Tunisia: Net assets in foreign currency fall to levels equal to 70 days of imports

Tunisia’s foreign currency reserves up to Thursday fell to 10.742 billion dinars, covering 70 days of imports against 101 days in the same period in 2017, Central Bank of Tunisia (French: BCT) figures show.

This is a new threshold for Tunisia, considering that the International Monetary Fund (IMF) disbursed on July 6 a $250 million tranche, the fourth from Tunisia’s loan program under the Extended Fund Facility.

Banknotes and coins in circulation reached 12.200 billion dinars on July 30, while the global refinancing volume rose on August 1 to 15.296 billion dinars.

With this level, Tunisia is thus above the threshold of insecurity in terms of foreign exchange reserves, since this threshold is normally set, according to specialists, to 110 days of import.

On the same subject, the Central Bank has indicated, in a recent memo on the economy that the level of foreign currency assets of Tunisia has actually remained until 2003 globally below the bar of 3 months of imports.

The average of import days over the 1987-2004 period, 17 years, was about two months, with at times, in the early 1990s, a stock of reserves below one month of imports.

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