The Central Bank of Tunisia (BCT), on April 1, asked banks and financial institutions operating in the country to suspend the distribution of dividends for the fiscal year 2019. The banking sector regulator also asked them to refrain from carrying out any operation to buy back their shares.

BCT says the measures aimed at safeguarding the financial stability of these institutions in a period marked by the spread of covid-19, and limiting the economic repercussions caused by the pandemic. Moreover, financial institutions unable to hold their ordinary general meeting are authorized to defer its holding beyond the legal deadline set for 30 April 2020.

The International Arab Bank of Tunisia (BIAT) has thus postponed the holding of these ordinary and extraordinary meetings to a later date. The International Banking Union (IUB) has done the same and other institutions will certainly follow in the coming days.

Chamberline Moko