Regulatory Alerts2017-01-01
Central Bank of Tunisia Circular to Authorized Intermediaries No. 01/2017
The Central Bank of Tunisia, through Circular No. 01/2017 issued by Governor Chedly Ayari on February 1, 2017, amends the clearing and coverage procedures for Authorized Intermediaries' correspondent current accounts. The regulation mandates that intermediaries daily calculate net foreign exchange positions with a minimum 24-hour value date, instructing correspondent banks via type 200 Swift messages to transfer credit balances or issuing coverage orders for debit positions, while notifying the Central Bank via type 210 Swift messages by 10:00. Furthermore, intermediaries are strictly prohibited from provisioning for undue payments and must report their net currency positions to the Central Bank by the next business day following coverage or repatriation dispatch, with this circular becoming effective on March 1, 2017.