Tunisia Curbs Credit for Non-Essential Goods as FX Reserves Dip
- Rules will apply to about 220 items, require importers to pay
- New rules outlined in central bank documents seen by Bloomberg
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Tunisia has asked banks to stop giving credit to importers of non-essential goods as it seeks to curb a ballooning trade deficit and halt a decline in foreign-exchange reserves, according to central bank documents seen by Bloomberg.
The new rules, which were sent out to lenders earlier this month, demand that importers provide proof of existing funds to cover the cost of about 220 products deemed non-essential -- ranging from air conditioners and cosmetics to cheese and several kinds of fruit -- in order to free up hard currency for priority goods.