• Tunisia tightens import financing rules to protect foreign reserves
• Banks must require full importer-funded deposits for non-priority goods
• Measures aim to curb deficit amid rising import costs

Tunisia's central bank announced on March 26 it had tightened financing conditions for imports of non-priority goods by banks and financial institutions to preserve the country's foreign currency reserves amid rising import costs since the start of the war in the Middle East.

“Banks and financial intermediaries may only provide financing for imports of products deemed non-priority [...] provided that importers supply deposits using their own funds covering the full value of the imports,” the institution said in a circular.

The circular includes a list of products deemed non-priority, including passenger vehicles, clothing, cosmetics, alcoholic beverages, household appliances, fruit, stationery and toys.

The new measures take effect immediately, regardless of payment method, whether documentary credit, bank transfer, bill of exchange or otherwise, and regardless of the type of financing used, including loans, advances and bank guarantees. The Central Bank of Tunisia (BCT) also called on banks involved in trade finance to ensure strict compliance with applicable regulations before processing import transactions and to verify product classification codes.

The BCT said the new rules do not apply to imports under public contracts signed by the state, public enterprises and local authorities. They also do not apply to imports by industrial companies, provided they submit a technical specification document issued by the Ministry of Industry, Mines and Energy confirming the import is directly linked to their operations.

The measures come as Tunisia seeks to better manage its foreign currency reserves, which covered 106 days of imports as of March 26, 2026, and to reduce its trade deficit. The move comes amid rising global prices for several commodities since the outbreak of the war in Iran.

The North African country's main imports include energy products, machinery and equipment, and food products. Its trade deficit reached 21.80 billion dinars, or approximately $7.45 billion, in 2025, compared with 18.92 billion dinars in 2024, according to the National Institute of Statistics (INS).

Walid Kéfi