The unit of currency is the Tunisian dinar DT , which is divided into millimes mills. There are coins of five, 10, 20, 50, and millimes and one-, five- and dinar coins.
Dinar notes come in denominations of five, 10, 20, 30 and Changing dinar notes can be a problem. The dinar is a soft currency, which means that exchange rates are fixed artificially by the Tunisian government thus rates are the same everywhere. It cannot be traded on currency markets and it is also illegal to import or export it, so you will be unable to equip yourself with any of the local currency before you arrive.
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These accounts may be freely funded by convertible currencies from abroad or by revenue accruing to account holders in Tunisia for services rendered locally. These accounts may also be credited with 1 funds reimbursed on or before the dates specified in contracts for Tunisian or foreign movable assets, recorded on domestic books opened in the name of the account holder; 2 payments for purchases of Tunisian movable assets in the Tunisian stock exchange; 3 repayments of loans previously extended in dinars from the domestic nonresident accounts in question; and 4 transfers from other nonresident domestic accounts opened in the name of the account holder.
These nonresident domestic accounts may be debited, without prior authorization of the central bank, with amounts necessary to cover the expenses of the account holders and their families in Tunisia and the expenses of maintaining any properties they may have in Tunisia. These accounts may also be debited to subscribe to short-term Tunisian bonds and notes provided these bonds and notes are placed on domestic books for nonresidents opened or to be opened in the name of the account holder.
These accounts may be debited if the holder wishes to extend loans in dinars to Tunisian residents or to provide funds to other domestic nonresident accounts opened in the name of the account holder. Pending accounts and books may be opened for the recording of funds in Tunisian dinars and movable assets whose status has not yet been determined by the central bank.
These accounts and books may be opened without the prior authorization of the central bank of Tunisia. The funds may be used freely, but authorized intermediaries should not pay interest on them. These pending accounts may be used without prior authorization of the central bank to carry out transactions, the most important of which are purchases of movable assets and payments on behalf of Tunisian public enterprises and departments. Capital accounts may be opened in the name of foreign nonresident individuals or corporations, without prior authorization of the central bank, to accept funds in nonconvertible dinars.
Resident individuals and corporations working in Tunisian institutions, whether Tunisians or foreigners, may open the following accounts. These accounts may be used according to conditions stipulated in the respective authorizations for their opening. Professional accounts in convertible currencies may be opened with prior authorization for exporters whose export earnings exceed 15 percent of their sales and whose activities are subject to the investment law governing such sectors as manufacturing, agriculture, fisheries, foreign trade, and services.
These accounts may be funded by 20 percent of revenues in convertible currencies, so that exporting institutions may deal with exchange risks. Without prior authorization, these accounts may be used for payments under exchange and foreign trade arrangements, for importation of goods and services, and for other expenses such as repayment of loan principal and interest in foreign exchange. These funds may also be used for investment operations in hard currencies in Tunisian money markets.
Professional books may be opened freely by any exporter, including hotel owners and travel agencies, with the right to transfer 10 percent of their foreign exchange income. These books cover expenses related to the economic activity for which they were opened, especially business travel expenses, without limits specified in the disbursement order and ranging from TD 10, to TD 60, a year.
According to a circular issued by the central bank in , residents may open special accounts in convertible dinars or foreign currencies in order to receive revenues accruing to them legitimately from abroad that they are not required to sell to the central bank, provided such revenues are covered by the Exchange and Foreign Trade Law. A hard currency money market was established and organized in between resident and nonresident banks in Tunisia.
Exchanges on this market between authorized intermediaries are made from the above-mentioned accounts in either convertible dinars or foreign currencies. Import operations are carried out in conformity with trade agreements between Tunisia and other countries, government procurement plans, and measures taken to free or ban some products. Goods that may be imported are published in the official gazette, with the exception noted below. Any individual or corporation whose job entails the use or sale of imported products and is registered as an importer may import the products in question, subject to the above-mentioned stipulations.
Import operations can be classified as follows:. Import operations that may be carried out under exchange and foreign trade arrangements. These include mainly goods imported freely by exporting industrial enterprises that are necessary for their production.
Liberalized goods that are imported on the basis of import certificates. These goods, announced in the official gazette, may be imported without prior authorization upon submission of an import certificate, valid for six months, with invoices to the authorized intermediary.
Banned goods or goods subject to quotas that may be imported on the basis of import licenses. These include all goods not in the published liberalized goods list. The books on these operations are examined by the Ministry of National Economy and are then referred to the central bank for approval. Imports subject to special systems. These imports can be classified either as duty-free imports authorized by the Ministry of National Economy and approved by the central bank or as imports subject to an administrative system and to duties.
Products not subject to any bans or restrictions are exported with prior authorization, either without any formal procedure or according to procedures whereby the return of export proceeds to Tunisia is monitored. The following exports are not subject to any formal procedure with respect to foreign exchange and trade arrangements:. Exports purchased by mail that are not subject to bans or quantitative restrictions and whose costs do not exceed TD 1, Banned goods or those subject to quantitative restrictions may not be exported without an export certificate issued by the Ministry of National Economy and approved by the central bank.
The certificate is valid for three months after approval. All laws promoting foreign investment in Tunisia guarantee the transfer of foreign exchange capital invested in Tunisia and capital income. This guarantee covers the net revenues and the full proceeds of sales even if they exceed the capital initially invested.
Investment laws emphasize the importance of the export sectors and grant them financial and customs incentives and a number of exchange and trade privileges, as follows. Resident individuals and corporations that engage only in export activities subject to Laws No. They may freely import any goods necessary for their productive operations, provided they are approved by customs authorities. Resident institutions exporting services may provide services for resident institutions within the framework of international tenders or bids.
Foreign trading companies may transfer funds related to trade or export through approved intermediaries in conformity with conditions set by the central bank. In carrying out their activities in the field of foreign trade, exporters may clear their revenues and expenditures in hard currency and may borrow hard currency according to conditions set by the central bank.
Investment by Tunisians abroad is subject to the prior authorization of the Central Bank. According to Law No. These agencies are financed by a percentage of their export proceeds, as specified in Circular No. Following the decision on the convertibility of the Tunisian dinar for current account operations, the authorities reviewed exchange control provisions with the aim of removing the requirements for prior authorization of transfers for current account operations by public and private enterprises and centralized agencies.
In this context, Law No. Under the revised law, any transfers may be made of payments related to the realized net revenues, proceeds of sales, or invested capital income in convertible currencies. The central bank now permits authorized intermediaries to make the required transfers for economic transactions, based on the necessary documentation proving the intended expenses.
In this context, private sector enterprises are allowed to transfer expenses related to current account operations. The current convertibility of the Tunisian dinar was accompanied by other measures that 1 raised the travel allowance for residents from TD to TD ; 2 increased the education allowance for students abroad from TD to TD 1, annually, starting in academic year—94; and 3 standardized the monthly allowance at TD , in any host country, as of January 1, To facilitate business travel for entrepreneurs seeking markets or partnerships, the annual business travel allowance was expanded to apply to all institutions, whether importers or nonimporters, in addition to exporters.
With respect to current account operations, maximum allowances were raised, to promote the activities of enterprises and to protect the national economy against capital flight. Importers enjoy an annual allowance ranging between TD 5, and TD 30,, depending on their turnover, and exporters enjoy an annual allowance ranging between TD 10, and TD 80,, also depending on their turnover.
New project investors are allowed TD 5, For other enterprises, including the self-employed, the allowance ranges between TD 2, and TD 20,, depending on approved turnover.
To boost investment, the revised Exchange and Foreign Trade Law abolished the requirement for prior authorization for actual transfers by nonresidents of realized net income from the investment of foreign capital in convertible currencies in Tunisia. Tunisians living abroad are now to combine the rights and duties of both residents and nonresidents, so that they may perform any operations related to their money and real properties in Tunisia.
The capital required to open branches, agencies, or liaison offices can now be transferred abroad. This change is intended to liberalize Tunisian investment abroad and promote the presence of export enterprises at distribution points in foreign markets. To enable exporters to avoid exchange risks, the portion of balances allowed in professional accounts in convertible currencies was increased from 20 percent to 40 percent of income in those currencies. Tunisia has now approved full convertibility for foreign investors and Tunisians living abroad, paving the way for the establishment of an exchange market in the near future.
The aim is to achieve full convertibility of the dinar in the long term. All Rights Reserved. Topics Business and Economics. Banks and Banking. Corporate Finance.
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