Bank Circular No. 2016-02 of July 1, 2016

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Tunis, July 1, 2016
BANK CIRCULAR NO. 2016-02
OBJECT: Procedures for granting, monitoring, and refinancing of credits.

The Governor of the Central Bank of Tunisia,

• Having regard to Law No. 2016-35 of May 25, 2016, establishing the statutes of the Central Bank of Tunisia and in particular its Articles 42 and 63;
• Having regard to Law No. 2001-65 of July 10, 2001, concerning credit institutions, as amended and supplemented by Law No. 2006-19 of May 2, 2006, and in particular its Article 23;
• Having regard to Law No. 2009-64 of August 12, 2009, promulgating the code for the provision of financial services to non-residents;
• Having regard to Circular No. 87-47 of December 23, 1987, concerning the procedures for granting, monitoring, and refinancing of credits, as amended and supplemented by subsequent texts;
• Having regard to the resolution of the Board of Directors of the Central Bank of Tunisia dated June 27, 2016;
• Having regard to the fact that this circular falls within the emergency cases provided for in Article 42 of Law No. 2016-35 cited above;
• Having regard to the opinion of the Compliance Control Committee dated June 30, 2016.

Decides:
Article 1: The provisions of the second dash of Article 35 bis of Circular No. 87-47 of December 23, 1987 concerning the procedures for granting, monitoring, and refinancing of credits are amended as follows:

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« - for the acquisition of vehicles, where the repayment period may reach 7 years and the credit amount must not exceed 60% of the value of the vehicle to be acquired. This financing portion may not exceed 80% for vehicles with a fiscal power of four horsepower and 30% for those with a fiscal power of nine horsepower or more; and ».
Article 2: This circular enters into force as of July 1, 2016.
THE GOVERNOR
Chedly Ayari