The Central Bank of Tunisia (BCT) highlighted in its periodic economic report for July 2023 that, with regard to the counterparts of the financial system, net external claims increased by 400 million Tunisian dinars (TND) during the first half of 2023 (compared to +762 million dinars during the first half of 2022), driven by the strengthening of external assets (+576 million dinars against +270 million dinars). This improvement is mainly linked to the mobilisation of foreign currency resources from the African Export-Import Bank (AFREXIMBANK) for a first tranche of $416.7 million, combined with the increase in the external commitments of the financial system (+176 million dinars against TND -492 million dinars), as indicated by the BCT. In this context, the Bank stressed that net foreign exchange reserves closed the first half of 2023 at a level of TND 22.851 billion, equivalent to 100 days of imports (compared to TND 22.949 billion and 100 days at the end of December 2022). In terms of net claims on the State, a significant recovery was observed at the end of the first half of 2023 (+7.1% or TND 2.872 million compared to -1.4% or TND -500 million in the first half of 2022). According to the BCT, this situation mainly reflects the expansionary effect resulting from the decrease in the Treasury's current account (TND -1,541 million compared to +TND 744 million), in addition to the increase in outstanding Treasury bills purchased by the BCT through open market operations (+TND 508 million compared to +TND 784 million). This is in addition to the mobilisation of dinar resources under the national bond loan, which totalled TND 1,559 million. The BCT highlighted that the issuance of treasury bills reached a level of TND 6.104 billion at the end of the first half of 2023 (of which 93% in the form of short-term treasury bills). This contrasts with repayments in this regard totalling TND 6.062 billion, resulting in net subscriptions of + TND 42 million dinars (in contrast to TND 6.907 billion, TND 7.267 billion and -360 million dinars respectively in June 2022). In terms of loans to the economy, they increased by only 1.8% or TND 2,069 million by the end of June 2023 (compared to an increase of 4.8% or TND 5,052 million a year earlier). This trend was driven by an increase in immobilised receivables (TND 1,466 million vs. TND 689 million) and, to a lesser extent, debit current accounts (TND 671 million vs. TND 979 million), while the portfolio discount balance with banks posting a decrease (TND -1,248 million vs. TND +2,731 million). The increase in loans in the first six months of 2023 mainly affected the services sector (TND 747 million) and private individuals (TND 539 million), followed by industry (TND 290 million) and agriculture and fisheries (TND 143 million).
Source: Agence Tunis Afrique Presse