Financial Expert Condemns Non-Application of Law on Fixed-Rate Loan Interest Reduction
In a statement to Managers, financial risk specialist Mourad Hattab strongly condemned the non-application, since August, of the new Article 412 of the Commercial Code related to the reduction of fixed-rate loan interest for credits with a maturity period exceeding seven years, provided that the total interest paid on the loan during the first three years exceeds 8% of the debt. He also called for the dismissal of officials who fail to apply the law.
Following this, the Central Bank of Tunisia and the Ministry of Finance are subject to an audit.
"Legally, there is no plausible or acceptable explanation for the non-application of the law. This is a first since Independence that establishments operating in the country under license and in accordance with the legislation in force do not apply a law, under the pretext of the non-existence of an implementing text, which is denied by the Central Bank," the expert affirmed.
In this context, the Central Bank published a note on January 23, 2025, specifying that the reduction of fixed-rate loan interest is an immediate legal obligation, without the need for an additional circular for its application. "Applying the law does not require a note. I ask the General Committee of Finances, under the Ministry of Finance, to play its role in auditing and determining responsibilities regarding the non-application of a law that affects thousands of Tunisians and whose impact could exceed 800 million dinars."
The expert stated that Tunisian households have a credit balance of around 12 billion dinars for housing loans, out of a total of 29 billion dinars in individual credits. On the one hand, he called on clients who have loans and are prejudiced to prepare their files and file a complaint with the prosecutor's office. On the other hand, he emphasized the need to neutralize those who do not apply the law and "should normally set an example."
