Zilekaf Deal Links Tunisia Central Bank to Criticism

Tunisia faces significant challenges in modernizing its legal and financial systems related to money movement and foreign currencies, which hinders local institutions from benefiting from the African Continental Free Trade Area (AfCFTA) within the African Free Trade Zone. Although a new draft law for the Foreign Exchange Code has been prepared, encompassing 91 chapters aimed at liberalizing financial transactions and enhancing companies’ ability to export and invest abroad, the project is still under review and consultation, and has not yet been approved, despite ongoing parliamentary efforts. Tunisia’s success in tapping into its African economic opportunities depends on the speed of implementing these legislative reforms, as financial modernization is a key condition for enabling institutions to meet the requirements of the African Single Market and expand trade exchanges, which currently represent only about 1.25% of its total foreign trade.

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