Presented as a “legislative revolution” and a “historic change” by the Tunisian government, the revision of the Foreign Exchange Code approved by the Council of Ministers on March 14 leaves economic players perplexed. Among the changes made are the recognition of transactions in crypto-assets and the liberalization of certain payments in foreign currencies. However, the main capital flows remain conditional on circulars from the Tunisian Central Bank and subject to prior authorization.
As the dinar is not convertible, it is extremely difficult for an individual residing in Tunisia who does not have a bank account in foreign currencies to acquire a good abroad or simply to pay for a product on an online shopping site. international. Not to mention that the local currency has lost 60% of its value in ten years.
In the event of travel outside the borders, Tunisians have access to a tourist allowance. But it is capped at 6,000 dinars (1,775 euros) per year per person, which considerably restricts travel. Even for business trips and students, the amounts are regulated. Transfers, purchases or payments for online services in foreign currencies are also subject to a series of prior authorizations from the Central Bank, as well as various restrictions and administrative obstacles.
Ahmed Hermassi, a 38-year-old self-employed worker specializing in audiovisual creation and communication, has been struggling with these legal constraints for ten years. In the absence of legal status for independent workers, they cannot purchase an online application, software necessary for creative work, or sponsor their product on social networks. Like purchases, receipt of payments must also be justified to the Central Bank. Even for a few cents.
Parallel digital economy
“The Central Bank can allow us to send and receive currency. The problem is that, for each transfer, you have to wait, queue, justify... It's neither competitive nor profitable", underlines Ahmed Hermassi, who founded the Uprod'i network with other professionals in the sector to try to change regulations.
Even today, having a PayPal account or on any other platform that would facilitate certain transactions is impossible according to legal circuits. Certainly, the government bill provides for the possibility of “opening payment accounts with foreign electronic payment, exchange and commerce institutions and platforms”, but it is specified that these accounts must be used “essentially to receive payment for the exports made", which must then be repatriated.
To escape this straitjacket, an entire parallel digital economy, in addition to the traditional black market, has developed on social networks in Tunisia. On public Facebook groups dedicated to self-employed workers, requests like “Who can sell me 1,000 euros? Give me your rate” flourish, between two job or service offers, with rates offered often higher than the official rate set by the Central Bank.
It is difficult to measure the scale of the sums circulating through these circuitous routes. But Ahmed Hermassi warns of the risks run by those who seek to acquire currencies in this way: not only can they be victims of scams, but they expose themselves to being prosecuted for money laundering. Foreign exchange offenses are punishable by two years of imprisonment with a fine – compared to five years before the reform.
Low level of investment
Beyond the revision of these latest legislative provisions, the amendments made by the government do not satisfy the various economic players who are pushing for a change in foreign exchange regulations. In its assessment of the planned arrangements, the Arab Institute of Business Leaders (IACE) deplores that “no guarantees are given for the problems linked mainly to the slowness of procedures, waiting times and the setting of ceilings” which remain governed by circulars and implementing decrees.
“These are only showcase laws, laws which will be adopted with the sole aim of improving our image abroad, to tell international partners that we are in the process of upgrading ourselves,” believes Louai Chebbi , economist and president of the Alert association, which fights against the rent economy in Tunisia.
According to him, the liberalization or convertibility of the dinar would be a premature measure while the level of investment and the Tunisian currency remain weak. “If we open up to free movement in this context, there is a risk of significant transfers to safer economies,” he warns, raising the threat of a significant devaluation of the local currency. For him, real liberalization of the currency is conditional on the restoration of confidence in the economic and political situation of Tunisia.
