Remittances from the Diaspora Save Tunisia's Current Account
Over the past three years, remittances from the diaspora have literally saved Tunisia's current account. Between 2021 and 2024, these remittances totaled 34,989 million Tunisian dinars (MTND), covering a significant portion of the trade deficit.
As of the end of February, our compatriots living abroad have transferred 1,264 MTND, a higher rate than last year's record. This trend suggests that we may exceed the 10,000 MTND mark this year. It's worth noting that these transfers include both cash transfers and vehicle imports under the FCR (Foreign Currency Regulation) regime, which has become more generous since last year. This system is expected to increase the proportion of in-kind transfers, thereby boosting the overall envelope.
Maximizing Monetary Transfers: A Priority for Tunisia
Today, it's essential to maximize monetary transfers, as they are crucial for a country with limited access to foreign currency borrowing resources. This can only be achieved through investment.
There are two ways to achieve this:
1. Investment in Securities and Capital
The debt market is rapidly developing, and mechanisms can be created to allow for the placement and recovery of funds in foreign currencies. The diaspora currently has the opportunity to invest in banks, but all savings channels must be opened.
2. Classic Investment in Services and Industry
Once again, we draw attention to the importance of digitalization and streamlined procedures. It is no longer acceptable for electronic signatures to be rejected by many administrations. Remote account opening remains impossible, and physical presence is still required to complete procedures. The Central Bank of Tunisia (BCT) has recently encouraged banks to facilitate remote account opening procedures. Now, it's time for implementation.
By maximizing monetary transfers, Tunisia can unlock its full economic potential and ensure a brighter future for its citizens.
