The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Towards full FX convertibility

Over the past decade and a half, Tunisia has won plaudits for its gradual macroeconomic reforms and stable monetary policy. The IMF recently noted that "Tunisia's economic performance has been one of the strongest in the region" over the past 10 years. It is one of only three African countries carrying an investment-grade rating " BBB with a stable outlook from all leading agencies.

According to the IMF: "Fiscal and monetary discipline has contributed to macroeconomic stability, in the context of a real effective exchange rate targeting framework with controls on capital flows." Rather than allow the market to determine the exchange rate, Tunisia's central bank aims to maintain a stable real rate against a basket of currencies weighted to take account of major trading partners and competitors.

The absence of a fully convertible dinar has become problematic for Tunisia, despite the benefits it has brought. Nick Eisinger, director of sovereigns at Fitch Ratings, says: "Capital account liberalization is necessary if Tunisia wants to be more integrated into the global financial system and open itself up to a larger base of foreign investors."

The IMF wants the authorities to relax capital controls to diversify external financing sources and maximize the benefits of foreign capital for investment and growth.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree