Tunisia's Central Bank Imposes New Import Financing Restrictions
On March 26, 2026, the Central Bank of Tunisia (BCT) issued circular n° 2026-04, requiring importers of "non-priority" products to fully finance their operations using their own funds. In practical terms, this means that to import these products, companies must provide deposits covering the entire value of their imports, without being able to use credits, advances, or guarantees typically provided by banks or authorized financial intermediaries. This measure took effect immediately and applies to all import payment methods. The official goal is to preserve foreign exchange reserves in an uncertain economic and geopolitical context.
Concerns Raised by the CONECT
The CONECT, in a statement, notes that this type of measure is not unprecedented, as a similar mechanism was introduced in 2017 and qualified as a foreign exchange restriction. After observing that its impact on imports was limited, the Tunisian authorities repealed it in 2019. The reintroduction of a similar mechanism in a more fragile institutional context warrants, according to the CONECT, a careful examination of the predictable effects.
Impact on Businesses and the Economy
The CONECT highlights that the requirement for full self-financing operates a de facto selection between economic operators. Large companies with sufficient treasury will continue their imports normally, while SMEs and medium-sized traders, which make up over 97% of Tunisia's economic fabric, risk being excluded de facto. Furthermore, this market concentration may limit competition, favoring rent-seeking positions, while public authorities call for more dynamism and fairness in the market.
Consequences for Employment and Public Health
The same source also draws attention to the direct consequences of this measure on employment and job quality. The companies concerned, in commerce, distribution, logistics, and services, represent the country's largest private employer. A reduction in their activity would result in job cuts and a deterioration in job quality, particularly affecting young people and precarious workers.
Risks to Public Health and the Industrial Supply Chain
In addition to the economic impact, the confederation warns against risks to public health. Certain products on the list of affected imports, including dermatological products, are administered to fragile patients, including those with cancer. Their scarcity or increased cost could have direct consequences on the health of the most vulnerable citizens. The industrial supply chain could also be disrupted, as some inputs used by industry (packaging, abrasives, construction materials, sanitary equipment, and surfactants for hygiene products) often pass through small importers-distributors who will be the first to be affected. The restriction of their activities risks disrupting national production and penalizing exports.
Expansion of the Informal Economy and Bureaucratic Bottlenecks
Finally, the CONECT highlights the risks associated with the expansion of the informal economy and bureaucratic bottlenecks. By limiting the legal supply, the measure could favor the development of parallel circuits and smuggling, resulting in a loss of tax and customs revenue. Moreover, the strict obligations imposed on banks to verify NGP codes and technical sheets required from industries could create significant delays and burden the administrative management of imports.
Conclusion
The CONECT does not question the need to preserve foreign exchange reserves but challenges the method. For the confederation, a measure taken without sufficient consultation or anticipation risks heavily impacting SMEs, employment, public health, national production, and market competitiveness.
