The cost of the Revolution in Tunisia exceeded what was feasible, said Governor of the Central Bank of Tunisia, Mustapha Kamel Nabli, in an interview with television channel France 24, reporting a negative growth rate of-1.85%.
This is a very high cost which is reflected in the difficulties of creating jobs and the rise in unemployment. However, the financial sector works as it should be as shown by the evolution of credits and financing to the economy while inflation is under control.
Foreign currency reserves fell by 2.4 billion dinars. The situation is critical, but not alarming, said the governor of the BCT, attributing it to internal and external factors, including difficulties relating to Libya and Europe, and the fact that the demands of the Revolution are still unmet.
On the role of the BCT in the current situation, Kamel Nabli said, is to safeguard the payments and the infrastructure of the banking sector, in addition to the preservation of businesses and employment and the stimulation of investment.
Asked about the independence of the Central Bank, he stressed the consensus around the need to strengthen the independence of the BCT that should be done according to financial and economic criteria, rather than political one.
Regarding the upcoming visit to Tunisia of Christine Lagarde, IMF Managing Director, he stressed the importance of preservation of relations between Tunisia and the international financial institution with a view to raising funds, adding that the international financial community should move to action, especially as the people’s patience is sorely tested.
Regarding the release of funds deposited abroad by the extended family of Ben Ali, he spoke about slow but necessary legal procedures. However, progress has been made and concrete results will be announced in the coming months.
