A significant legislative shift is underway in Tunisia, spearheaded by a parliamentary initiative to modernize the country’s foreign exchange system, potentially ending decades of currency restrictions and opening the door to the digital economy.
The Drive for Digital and Economic Liberalization
Maher Ketari, a Member of Parliament and a key figure on the Finance Committee, has shed light on the details of the new Draft Exchange Code recently deposited with the Parliament’s registration office. The proposal, signed by nearly forty MPs, aims to introduce fundamental reforms to Tunisia’s foreign exchange framework.
Speaking on Mosaique FM radio, Ketari explained that the current Code dates back to 1976, rendering it incapable of keeping pace with global economic and technological advancements. He emphasized that the “entire philosophy of the system must change to align with 2025.”
The new project, he affirmed, seeks to liberalize economic initiative and encourage both local and foreign investments by facilitating foreign currency exchange and foreign trade operations. This is designed to ensure greater integration of the Tunisian economy into global markets.
Key Reforms: Companies, Individuals, and Crypto
1️⃣ For Businesses
Ketari noted that the existing regulations restrict Tunisian companies. The new draft Code will allow them to invest abroad, acquire foreign companies, and, notably, will streamline financial transfers for both start-ups and investors operating in the digital sector.
2️⃣ For Individuals
The MP confirmed that the revised Exchange Code will permit citizens to open foreign currency accounts within Tunisia. Crucially, it will also legalize the use of international electronic payment platforms like PayPal and digital transfer operations via cryptocurrencies such as Bitcoin, a practice that was previously prohibited.
Ketari clarified that utilizing these platforms will be legalized within a regulated framework aimed at integrating the Tunisian economy into the global digital transformation. He stressed the importance of granting trust to Tunisian youth and local expertise working in advanced digital fields.
Addressing Currency Reserve Concerns
Addressing concerns from some quarters about the potential impact of these changes on Tunisia’s foreign currency reserves, Ketari argued that the project is, in fact, likely to increase financial transfers from Tunisians abroad.
He stressed that “the entire world has moved past the phase of fearing foreign currency, and Tunisia is required to move in this direction.”
The MP concluded by asserting that the new Code’s objective is not to undermine the current system but to add a parallel, modern framework that accounts for economic and technological transformations, calling for “exchange and digital transformation” as a prerequisite for the country’s development.
Sources:
- Tunisia: The new foreign exchange code opens the door to PayPal and crypto-assets (video) — Tunisie Numérique
- Tunisia: A proposal for complete reform of the Exchange Code submitted to the ARP — Webdo
- Exchange Reform in Tunisia: Currency Exchange Reform in Tunisia: Between Liberalization and Debt Sustainability — Friedrich Naumann Foundation
- Tunisia: Draft Foreign Exchange Law Promises Long-Awaited Liberalization — Dispatch Risk
- Is Crypto Legal in Tunisia: Regulations & Compliance for Cross-Border Payments — Lightspark Knowledge Base
