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Tunisia Risks Explosion Over Austerity, Ghannouchi Cautions IMF

TUNIS (Capital Markets in Africa) – Pressure from global lenders like the International Monetary Fund could put Tunisia’s post-revolution stability at risk, cautioned Rashid Ghannouchi, head of the moderate Islamist Ennahda party that is part of the governing coalition. The remarks, made in an interview with Bloomberg, come amid mounting frustration in the North African country as it tries to implement an IMF-backed economic program that calls for cutting government spending as part of a broader push to…

Tunisia’s Central Bank Holds Its Key Rate Amid High Inflation

Posted on by The Editorial Team

TUNIS (Capital Markets in Africa) – Tunisia’s central bank kept its benchmark interest rate unchanged, as high inflation complicates efforts to overhaul an economy that’s seen little in the way of foreign investment since its 2011 uprising. The decision to hold the rate at 5.75 percent came after Tunisia posted a stronger than expected 2.5 percent rise in economic growth in the first quarter of 2018, compared to 1.9 percent a year earlier. The annual inflation rate…

Tunisia SE Falls 0.6%; Banque Internationale Tunisie Leads

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TUNIS (Capital Markets in Africa) – The Tunisia Stock Exchange Tunindex fell 0.6 percent to 6,241.96. The move was the biggest since falling 0.7 percent on Sept. 26 and follows the previous session’s increase of 0.3 percent. The MSCI Emerging Markets Europe, Middle East and Africa Index advanced 0.9 percent. Banque Internationale Arabe de Tunisie contributed the most to the decline, falling 3.3 percent. Societe Ciments de Bizerte decreased 5.3 percent, the biggest loss. Arab Tunisian Lease rose 2.6…

Tunisia Eyes GDP Growth, Currency Reform, to Boost Economy

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TUNIS (Capital Markets in Africa) – Tunisia’s government is looking to double economic growth, slash its budget deficit and revise some currency restrictions in an effort to revive its struggling economy. Prime Minister Yousef El-Shahed told parliament the government seeks to raise economic growth to 5 percent in 2020 compared with an expected rate of 2.5 percent this year and would work to halve the budget deficit to 3 percent of gross domestic product by that…

Top-Performing Arab Economy Balks at Currency Float on Egypt

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CAIRO (Capital Markets in Africa) – In five decades of importing steel wires, Zahar Benmoussa’s company never worried about currency risks — until Morocco announced plans to float the dirham. “For the first time in our history, we started to hedge” in the currency market, said Benmoussa, managing director at Casablanca-based Grillages Marocains. Across Morocco, fears of a weaker dirham triggered a rush for dollars and euros, causing a $3 billion drop in its reserves in…

Tunisia’s economy to see recovery in 2017, Prime Minister Says

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TUNIS (Capital Markets in Africa) – Tunisia’s economy will start to regain momentum this year after six years of slow growth, driven by the revival of the vital tourism industry and the return to state phosphate production, Prime Minister Youssef Chahed said. Chahed was speaking in an interview with state television late on Sunday, addressing concerns about the economy after hundreds of youths protested over the last week in some towns, demanding development and employment….

Tunisia to start roadshow for 1 bln Eurobond on Feb. 5

Posted on by The Editorial Team

TUNIS (Capital Markets in Africa) – Tunisia will start a road show for a Eurobond worth one billion euros on Feb. 5 with pricing set for Feb. 14 at 5-6 percent, a government source told Reuters on Thursday. Tunisia had announced in late November plans to issue a Eurobond worth 1 billion euros as it seeks funding to cover its deficit after the economy was hard hit following militant attacks against its tourism industry. Since…

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