Within the framework of the Support Programme to the Association Agreement and the Neighborhood Action Plan (P3AII) between Tunisia and the EU, the closing seminar of the twinning project aimed at modernising the operational framework of the monetary policy of the Central Bank of Tunisia was held last week in Tunis in the presence of representatives of several ministries and the Bank of France as well as representatives of other banks and financial institutions.

The twinning project between the Central Bank of Tunisia and the Banque de France, which began on 11 May 2015 and lasted for 24 months, was funded by the EU with a budget of EUR 745,000. Its main objective is to modernise the procedures for implementing the monetary policy of the Central Bank of Tunisia and to develop the interbank liquidity market in parallel, through cooperation with counterpart institutions in the European Union, particularly the Banque de France, the Central Bank of Germany “the Bundesbank”, the European Central Bank and other European central banks.

The twinning programme was structured around four areas:

• The reorganisation of the Central Bank’s intervention procedures on the monetary market,

• The establishment of an effective liquidity forecasting system,

• The development of the interbank market, and

• Reform of the Negotiable Debt Securities Market.

The closing seminar was an opportunity to present to the main actors in the Tunisian banking and financial sector, as well as to the general public, the progress made through this twinning. In his opening speech, the Governor of the Central Bank of Tunisia highlighted the excellent quality of cooperation links between Tunisia and the European Union that have materialized through this second twinning experience between the Central Bank of Tunisia and the Banque de France, as well as other European central banks, including the Bundesbank.

EU Ambassador to Tunisia Patrice Bergamini underlined that the establishment of a modern monetary policy framework is an important factor for the development of the capital market and a lever for the revival of the economic activity in Tunisia.

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