Central Bank of Tunisia Circular to Authorized Intermediaries No. 01/2017

Tunis, February 1, 2017

Circular to Authorized Intermediaries No. 01/2017 Subject: Procedures for executing payments from and to abroad.

The Governor of the Central Bank of Tunisia,
Having regard to Law No. 2016-35 of April 25, 2016 establishing the Statutes of the Central Bank of Tunisia; Having regard to the Foreign Exchange and External Trade Code promulgated by Law No. 76-18 of January 21, 1976, consolidating and codifying the legislation governing foreign exchange and external trade regulating relations between Tunisia and foreign countries, as amended by subsequent texts and notably Law No. 93-48 of May 3, 1993; Having regard to Foreign Exchange Opinion No. 4 from the Ministry of Planning and Finance regarding the execution of payments between Tunisia and abroad; Having regard to Circular to Authorized Intermediaries No. 94-03 of February 1, 1994 regarding the procedures for executing payments from and to abroad; Having regard to Opinion No. 2017-01 of the Compliance Control Committee dated January 27, 2017, as provided for in Article 42 of Law No. 2016-35 of April 25, 2016 establishing the Statutes of the Central Bank of Tunisia.

Decides:

Article 1: The provisions of the third paragraph C (Clearing and Coverage of "Correspondent" Current Accounts) of Title I of the aforementioned circular are amended and replaced by the following provisions:

Authorized Intermediaries daily determine their net positions by currency with a minimum value date of 24 business hours* taking into account:

1. foreign exchange purchases and sales executed in the foreign exchange market;
2. payment orders issued to their correspondent banks;
3. payment orders received from their correspondent banks.

It should be noted that for determining their foreign exchange positions, Authorized Intermediaries must take into account payment orders issued and not yet recorded by their correspondents.

If the foreign exchange positions of Authorized Intermediaries are credit, they must instruct their foreign correspondents via type 200 Swift messages, with a minimum value date of 24 business hours, to transfer the credit amounts to the Central Bank of Tunisia. They must notify the Central Bank of Tunisia, on the same day, via type 210 Swift messages no later than 10 hours.

If the foreign exchange positions of Authorized Intermediaries are debit, they must issue to the Central Bank of Tunisia coverage orders via type 200 Swift messages no later than 10 hours, with a minimum value date of 24 business hours*.

Authorized Intermediaries are reminded that it is strictly prohibited to set aside provisions for payments not yet due.

Authorized Intermediaries must report their net positions by currency to the Central Bank of Tunisia, as liquidated in accordance with paragraph I-C according to the template in Annex I attached to Circular No. 94-03 of February 1, 1994, no later than the next business day following the dispatch of the coverage order or repatriation notice.

• Minimum 48 business hours for currencies other than those of the Arab Monetary Union (UMA).
  9 hours during the single trading session.

Article 2: This circular takes effect as of March 1, 2017.

The Governor,
Chedly Ayari