Banking Sector Employees Still Waiting to Benefit from Fixed Interest Rate Reduction
Despite the fixed interest rate reduction on loans officially coming into effect with the implementation of Law No. 41 of 2024, banking sector employees are still struggling to benefit from it. The General Federation of Banks and Financial Institutions, affiliated with the Tunisian General Labor Union (UGTT), is denouncing this situation and urging the Banking and Financial Council to intervene.
In a statement, the Federation is calling for "serious and responsible" negotiations, emphasizing the need to respect employees' rights and preserve their professional achievements. It accuses the authorities of "systematic negligence" of its demands, while ordinary customers are already benefiting from these measures provided for in Article 412 ter of the Commercial Code.
This union mobilization comes amidst reforms in the banking sector. On January 23, 2025, the Central Bank of Tunisia reminded all banks that the provisions related to the fixed interest rate reduction are immediately enforceable and do not require a complementary circular.
However, despite this regulatory framework, the Federation believes that the application remains partial and discriminatory towards banking sector employees. It acknowledges some efforts, including the launch of the check platform and progress made in processing rate reduction requests.
For its part, the Banking and Financial Council stated in a March 25, 2025, communiqué that 93% of requests had already been processed. It assures that it is working to accelerate the remaining responses, specifying that even Islamic banks have committed to this reform, despite some grey areas in the text.
