Skip to main content

Tunisia's foreign exchange reserves drained to new lows

Since the beginning of the year, the foreign exchange reserves of Tunisia’s Central Bank have been dropping even as crucial economic sectors like tourism grow.
People walk out of the Central Bank in Tunis, Tunisia, October 4, 2017. Picture taken October 4, 2017. REUTERS/Zoubeir Souissi - RC1D352E0220
Read in 

Paris — On Oct. 16, Moody's Investors Service downgraded Tunisia’s outlook from stable to negative but affirmed its B2 rating. The agency cited, inter alia, the continued decline of Tunisia's foreign exchange reserves.

Since the beginning of this year, Tunisia has witnessed a decline of its Central Bank’s foreign exchange reserves. As of May 16, Tunisia's currency reserves dropped to a level that could cover an average of 73 days of imports, equivalent to about $4.2 billion. It further plummeted to a level worth just 69 days of import cover, equivalent to about $3.9 billion, on Sept. 6. In December 2017, currency reserves stood at 90 days of import cover, equivalent to about $5 billion.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.