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Tunisia raises interest rate to 7%

A man retrieves newly circulating Tunisian bank notes from an ATM in the capital Tunis, on March 27, 2020 [FETHI BELAID/AFP via Getty Images]
A man retrieves newly circulating Tunisian bank notes from an ATM in the capital Tunis, on March 27, 2020 [FETHI BELAID/AFP via Getty Images]

The Central Bank of Tunisia yesterday raised the interest rate by 75 points, to seven per cent.

The bank said, in a statement, that during yesterday's meeting "its board of directors reviewed the latest economic and financial developments and decided to raise the main interest rate of the Central Bank by 75 basis points to reach 7.0 per cent."

It added that raising this percentage "will lead to an increase in the percentages of deposit facilities and marginal loans to 6.0 per cent and 8.0 per cent, respectively."

The Central Bank of Tunisia stated that economic activity, mainly supported by the industrial sector, continued its gradual increase during the first quarter of 2022 to reach 2.4 per cent on an annual basis, compared to 1.6 per cent in the previous quarter.

The bank also noted that the industrial sector contributed an important amount to the recovery of the volume of exports, which increased 14 per cent per annum, compared to 4.4 per cent in the last quarter of 2021.

Inflation in Tunisia continued to rise for the fourth month in a row, recording a new increase of 7.5 per cent in April, according to data from the National Institute of Statistics.

READ: Tunisia's trade deficit up 40% in the first quarter of 2022

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