Press release

Twinning project between and France

Aiming at implementing a framework based on inflation targeting at the of Tunisia Closing seminar of the institutional twinning project between Tunisia and the European Union

Tunis, May 23rd 2013 -Sheraton hotel-

In the framework of the Association Agreement Support Program and Neighborhood Action Plan between Tunisia and the European Union, Mr , Governor of the Central Bank of Tunisia has chaired the closing seminar of the institutional twinning project aiming at implementing a modern monetary policy framework based on inflation targeting at the Central Bank of Tunisia.

This event took place on May, 23rd 2013 at the Sheraton hotel in in the presence of Mrs Anne LE LORIER, Senior deputy governor of Banque de France, of their Excellencies the Ambassadors of the European Union, France and Poland, of the representatives of the Ministry of Finance and the Ministry of Development and International Cooperation, of the main banking sector officials, of University teachers and a very large audience stemming from the worlds of the economy and finance. The twining project between the Central Bank of Tunisia and the Banque de France, financed by the European Union up to 1,113,000 euros was launched on May 28th , 2011 in the objective of improving the technical and analytical capabilities of the General Directorate for Monetary Policy’s staff thanks to a narrow cooperation with European central banks (mainly the Banque de France and the National Bank of Poland). The seminar gave the opportunity of displaying the results of this project which lasted two years (from May 2011 to May 2013) and the goals of which were:

• assessing the existing means of the CBT and the degree of conformity of the Tunisian economy to the prerequisites to inflation targeting. • processing the available statistical data thanks to the implementation of a deepened training program to statistics and econometrics and making up for the lack of data through light surveys. • implementing a technical device for analysing and forecasting based on a better knowledge of monetary transmission mechanisms, the development of monetary policy analysis tools and econometric short and medium run forecasting models of inflation and GDP. • defining an adequate decision-making process and elaborating a communication strategy for the CBT.

These goals were achieved thanks to the commitment of the General Directorate for Monetary Policy’s staff and the highly valuable technical contribution of about 40 experts stemming mainly from the Banque de France and the National Bank of Poland. In his opening speech, the Governor of the CBT has emphasized that the modernization of the conduct of monetary policy is one of the major priorities of the reform program to implement over the coming period to ensure, under the best conditions the period of transition, to complete the progressive and gradual process of liberalization of the Tunisian economy and enhance its integration to the world economy. The Governor also stressed the role of banks to strengthen the effectiveness of the monetary policy in order to foster the conditions for a better allocation of financial resources which stands for strong, sustainable and non- inflationary growth.

Program managed by the Ministry of Development and International Cooperation

Ce projet est financé par l’Union européenne