Tunisia’s Net Hard Currency Holdings Decrease, Central Bank Reports
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Tunisia’s Net Hard Currency Holdings Decrease
Tunisia’s net hard currency holdings have reached RSD 25,164.7 million, equivalent to 109 days of supply, according to recent monetary and financial indicators released by the Central Bank on August 18, 2023.
Reasons for the Decrease
The hard currency reserve has experienced a decrease of RSD 1,249.4 million compared to the same period in 2022, resulting in a six-day reduction to 116 supply days.
Factors Supporting Foreign Exchange Reserves
The Central Bank believes that the increase in remittances from Tunisians living abroad and income from tourism are supporting the country’s foreign exchange reserves.
Increase in Transfers Abroad
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As of August 10, Tunisian transfers abroad amounted to approximately 4,677.2 million dinars, compared to 4,446 million dinars during the same period in 2022.
Growth in Gross Domestic Product
In the second quarter of 2023, Tunisia experienced an increase in its gross domestic product (GDP).
Decrease in GDP Growth Rate
The National Institute of Statistics reported that the preliminary estimates of the Tripartite National Accounts indicated a seasonally adjusted GDP growth of 0.6 percent from April to June, compared to the same period in the previous year. However, this growth rate represents a decrease from the 1.9 percent growth recorded in the first quarter of 2023.
Negative Impact of Agricultural Sector
The inefficiency of the agricultural sector due to unfavorable climatic conditions has negatively affected the growth trend of the national economy in recent months. This impact is expected to continue until the end of the year.
Source: Tunisian media.
