Tunisia’s Central Bank reports recovery in industrial products and exports
TUNISIAONLINENEWS- The state of economic and financial affairs, both at the national and international levels was the focus of the Tunisia’s Central Bank (BCT) Executive Board meeting which was held on Thursday in Tunis.
At the national level, the economic situation was marked in the end of July 2010 by ongoing recovery in production and exports by the industrial sector, while tourist and air transport indicators posted some regression, compared to a year earlier.
At the monetary level, financing to the economy registered an increase of 10% over the first half of the current year, compared to 4.9% the same period of 2009, whereas money supply grew at a slower pace, up by 4.3%. The average interest rate registered 4.57% in current July compared to 4.38% in June.
The pursuit of an appropriate monetary policy helped to limit inflationary tensions. The increase in the general index of household consumer prices was maintained at 4.8% for the third straight month.
The dinar exchange rate recorded a depreciation of 9.3% against the US dollar and a quasi-stability against the euro in 2010.
The Executive Board decided to maintain the Central Bank’s key rate along with ongoing mop up of the surplus, while focusing on the need for close monitoring of the international environment mainly in the main partner countries.
At the international level, the economic and financial environment was marked by appearance of concern with regard to ongoing economic recovery, notably in the United States and the Europe.
Positive results of stress tests for European banks helped mitigate financial markets’ volatility. The last International Monetary Fund (IMF) forecasts account for a world economic growth rate of 4.6% for the current year, compared to last April’s estimates of 4.2%.
At the level of foreign exchange markets and during the last period, the US dollar depreciated against the other currencies, particularly the euro, after posting an appreciation earlier
The increase in the prices of some commodities, among which notably crude oil, would give rise to an increase in the inflation rate over the forthcoming period, after posting an attenuation in the main industrialized and emerging countries.
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