The proposed bill is the latest move that would completely undermine its independence Central Bank Who had been subjected to constant and severe criticism President Kais Saied Who repeatedly said that he would not allow the bank to be a state within a state.
The project to fundamentally change the Central Bank law comes at a time when… Public finance A severe crisis with the country’s inability to secure its needs for external financing.
In the draft law seen by Reuters, 27 deputies warned that… Tunisia It will inevitably go bankrupt if the central bank law is not changed.
They said that the current law passed in 2016, which does not allow the central bank to finance the public treasury in the form of loans or direct purchase of government bonds, led to huge losses for the state estimated at about 113 billion dinars ($36.6 billion).
President Kais Saied last year rejected the independence of the central bank, saying it should lend directly to the state to avoid loans through Banks Which makes huge profits from it.
In January, the government requested exceptional direct financing to the treasury from the Central Bank worth $2.25 billion to cover the dam. Budget deficit this year.
Former Central Bank Governor Marwan Al-Abbasi warned against buying… Treasury bonds It involves risks, including upward pressure on inflation and a depreciation of the Tunisian dinar.
He said that this step would uncontrollably increase… Inflation Which may be in three numbers, and he warned against “repeating the Venezuelan scenario in Tunisia.”
Earlier this year, Tunisian President Zuhair Al-Nouri appointed a new governor of the Central Bank in place of Al-Abbasi.
Since 2016, the Central Bank has gained absolute authority to manage monetary policy, including the interest rate, exchange policy, and disposal of currency and gold reserves.
But the proposed draft law stipulates that the central bank can adjust interest rates and carry out all operations related to gold and exchange within the limits of its powers and in agreement with the government.
Under the draft law, the central bank must buy government bonds from banks and lend directly to the treasury up to three percent of GDP with repayment terms exceeding five years.
Financial sources told Reuters that this step will likely pave the way for a new government request from the Central Bank for direct loans and facilities to the treasury, amounting to eight billion dinars ($2.6 billion) included in the 2025 budget, and the government did not indicate its source.
The draft law also stated that the central bank would not be allowed to sign agreements with foreign regulatory authorities except with the approval of the country’s president.
