Regulatory Alerts2021-01-01
Circular to Banks No. 2021-08 of September 8, 2021
The Central Bank of Tunisia, through Governor Marouane El Abassi, issued Circular No. 2021-08 to amend Article 61 of its March 2017 monetary policy framework. The revised provision explicitly accepts negotiable assets that generate coupon payments as collateral during refinancing periods, stipulating that coupon distributions to banks follow the central securities depository's standard procedures. This amendment streamlines collateral mobilization and takes effect immediately upon publication, thereby enhancing liquidity management mechanisms for Tunisian banks.
Tunis, September 8, 2021 CIRCULAR TO BANKS No. 2021-08 of September 8, 2021
Object: Implementation of monetary policy by the Central Bank of Tunisia.
The Governor of the Central Bank of Tunisia, Having regard to Law No. 2016-35 of April 25, 2016, establishing the status of the Central Bank of Tunisia and in particular Articles 10 and 63 thereof, Having regard to Law No. 2016-48 of July 11, 2016, concerning banks and financial institutions, Having regard to the Minister of Finance's Order dated January 12, 2016, validating the regulation of the Financial Market Council regarding the central securities depository, Having regard to Circular No. 2017-02 of March 10, 2017 concerning the implementation of monetary policy by the Central Bank of Tunisia, as amended and supplemented by subsequent texts and in particular Article 61 of its Annex II, Having regard to the Administrative Council's deliberation dated June 2, 2021, Having regard to the opinion of the Compliance Control Committee No. 2021-06 dated August 30, 2021, as provided for in Article 42 of the aforementioned Law No. 2016-35, Decides:
Article 1 – The provisions of Article 61 of Annex II to Circular No. 2017-02 of March 10, 2017 concerning the implementation of monetary policy by the Central Bank of Tunisia are repealed and replaced as follows:
Article 61 (new) – Mobilization of negotiable assets generating coupon payments: Assets generating coupon payments during the refinancing period are accepted as collateral, in which case, the payment of coupons to the concerned banks takes place according to the procedures applied by the central securities depository.
Article 2 – This Circular enters into force as of its publication date.
THE GOVERNOR, MAROUANE EL ABASSI