UBCI Annual Report - BNP Paribas

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UBCI Annual Report - BNP Paribas

2 - Inflation

In December 2009, the Consumer General price Index (CpI) rose at a 0.5% rate against 0.4% in December 2008. In terms of yoy,

the general price index rose at 4.3% in December 2009 against 4.1% during the same month of the previous year. Based on the

monthly average, inflation rate returned to 3.7% for the whole year 2009, against 5% the previous year.

Although the level of inflation recorded in 2009 is relatively high compared to levels reached in the different European

partner’s and competing countries of Tunisia, whose economies have experienced a decline in inflation, it was possible to curb

price increases and to resist the effects of the global financial crisis, notably through the pursuit of appropriate monetary

policy that has, at the same time, ensured an adequate evolution of monetary indicators and supported the State efforts to

boost and revitalize the economy.

3 - Monetary Policy

The Central Bank of Tunisia has continued to intervene in order to absorb the surplus of bank liquidity prevailing on the money

market. Regarding the weighted interest rate on overnight money market, it has fluctuated between 4.05% and 4.80%. As a

result, average money market settled at 4.22%, 4.29%, and 4.18% respectively during the month of October, November and

December (against 5.19% in December 2008)

4 - Foreign Exchange Market

On average, the dinar has reported in 2009 compared to 2008 a depreciation of 20.8% against the Japanese yen, of 9.6% against

the USD and 4.1% against the euro.

Average 2008 Average 2009 Variation in %

EUR/TND 1.8051 1.8787 4.1%

US$/TND 1.2309 1.3494 9.6%

YEN/TND 11.9204 14.4034 20.8%

Annual Report 2009

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