Regulatory Alerts2020-02-04
Circular to Approved Intermediaries No. 2020-02 dated February 4, 2020
The Central Bank of Tunisia issued Circular No. 2020-02 to amend the financial settlement rules for imports and exports by repealing and replacing Articles 6, 7, 10, 11, 12, and 13 of Circular No. 94-14. The updated framework mandates that import settlements occur after actual customs clearance, permits advance payments and installments up to 50% (or for goods under 20,000 TND) without mandatory guarantees, and allows free settlement for export sales with 61–360 day terms if backed by specific financial instruments, while requiring prior Central Bank authorization for longer or non-compliant terms. Furthermore, the circular introduces Articles 8 bis and 8 ter to regulate advance payment splitting, prohibit exceeding ceilings through fractionation, and obligate importers to repatriate improperly transferred funds when goods do not enter Tunisia by the contractual deadline.