Tunisia’s foreign exchange reserves fall to $4.6bn

London

Tunisia’s central bank has said that the country’s foreign exchange reserves fell to 11.3 billion Tunisian dinars ($4.6 billion). The figure does not include more than 80 days’ worth of the country’s imports, it was reported. The bank attributed the decline to the country’s need to use foreign exchange funds at the beginning of each year to provide the necessary stocks of energy, food and industrial raw materials, in addition to servicing foreign debt. Tunisia is also suffering from a worsening trade deficit, which reached a record level of 15.5 billion dinars at the end of last year. The Central Bank of Tunisia expects foreign currency reserves to rise soon due to expected revenues from the sale of olive oil and dates, as well as the steady recovery of the tourism sector and the improvement of the European economy.—Agencies

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