Tunisian economy needs five years to recover

Published December 14th, 2011 - 07:05 GMT

The Governor of the Tunisian Central Bank, Mr. Mustapha Kamel Nabli has sent warnings regarding the economic prospects for 2012. "We're not out of the crisis. The situation is delicate. It remains to be seen how we will manage the transition in the year 2012. And he added: "We must preserve the survival of businesses...We hope to return to normal activities within the next five years."

"I think it is urgent to revive the bond market which that is experiencing many difficulties. There is no transparent and liquid market," Nabli conveyed.

According to him, the Tunisian financial sector needs a "Big Bang," mainly after the local banks' balance sheets have indicated their bad condition. The Governor stated the Tunisian financial sector has been facing the same problems for 30 years. He stressed the gradual reform in this sector has failed.

Meanwhile, Mr. Fadhel Abdelkefi, Chairman of the Board of Directors of the Tunis stock market (BVMT) emphasized that the bourse reflects now only 6% of the Tunisian economy. "This is a very low rate compared to neighboring countries such as Egypt, Morocco, because the bourse is one of the best instruments for financing the economy and recovering capital. Abdelkefi proposed to list in the stock exchange state-owned companies and liberalize foreign investment to boost BVMT's activities. (Source: www.yallafinance.com)

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