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Tunisia

MehdiElHajoui
AvielMarrache
andSusanKeppelman

Basicinformationaboutthecountry1

TheregionwasfirstconqueredbyArabMuslimsinthe7thcenturyandthefirstcityof
IslaminNorthAfricawasfounded.SubsequentlytheTunisiaenduredcountlesswarsuntilit
becameaFrenchprotectoratein1881.TunisiasindependencestartedonMarch20,1956.
Startingin1957,underPresidentHabibBourguiba,Tunisiabecameoneofthemostprogressive
Arabstates.Hisleadershipbecamemoreofadictatorshipandhewasreelectedpresidentfor
lifein1975.Afterover40yearsatthehelm,Bourguibawasreplacedbyhisprimeminister,
BenAli.Lifepresidencyandotherexcessesofhispredecessorsruleweresoonabolished.

In1988legislationwaspassedtocreateamultipartysystemandthegovernment
drafteda"NationalPact"thatlaiddownaframeworkfordemocracy.Mr.BenAlididhowever
refusetorecognizetheIslamistspartyHizbalNahdaandtensionsgrew.Followingpopular
demonstrationsin19901991,partysupporterswerejailedorfledabroad.Themediawas
controlledrepressingevenmembersofthesecularopposition,humanrightsactivistsandtheir
families.In2004,PresidentAliwasreelectedtoa4thfiveyearterm.Tunisiatodayremainsa
limiteddemocraticsystemwhereexpressionofcriticalviewsisconstrained.

b)Population
10.33m(mid2007IMFestimate)

c)GDPandGDPperhead
Comparativeeconomicindicators,2008

GDP(US$bn)
GDPperhead(US$)
GDPperhead(US$atPPP)
Consumerpriceinflation(av;%)
Currentaccountbalance(US$bn)
Currentaccountbalance(%ofGDP)
Exportsofgoodsfob(US$bn)
Importsofgoodsfob(US$bn)
Externaldebt(US$bn)
Debtserviceratio,paid(%)

Tunisia
39.6
3,798
7,875
5.1
1.2
2.90
19.7
23.1
19.2
10.9

France Morocco Libya


3,035.4
91.7
91.1
48,990 2,908 14,491
34,630 4,310 16,425
3.4
5.0
12.5
44.8 4.5
53.3
1.5
5.0
58.6
628.7 14.6
76.1
707.5 35.2 20.6
.
20.4
5.5
.
7.6
1.5

Algeria
170.1
4,949
8,054
5.5
43.3
25.5
81.6
36.5
2.9
2.1

EconomistIntelligenceUnitestimates.
Source:EconomistIntelligenceUnit,CountryData.

Nominalgrossdomesticproductbyexpenditure
(%shareofGDP)

Privateconsumption
Governmentconsumption
Grossfixedinvestment
Stockbuilding
Exportsofgoods&services
Importsofgoods&services

2003
63.1
15.7
23.4
1.7
43.8
47.7

2,004
63.1
15.4
22.7
1.7
46.8
49.7

2,005
63.8
15.5
22.6
0.8
48.0
50.6

2006
12.1
33.0
55.0

2007
11.60
25.70
62.8

2,006
63.7
14.7
23.5
0.4
50.4
52.7

2,007
63.2
14.4
23.6
1.2
54.1
56.5

Source:CentralStatisticalOffice.

d)Mostimportantindustries
Realgrossdomesticproductbysector
(%shareofGDP)

Agriculture
Industry
Services

2003
13.7
32.2
54.0

2004
14.0
32.2
53.8

2005
12.4
33.1
54.5

Source:EconomistIntelligenceUnit.

Onceprimarilybasedonagriculture,oilandphosphates,theTunisianeconomyhasbecome
morediverse,withimportantmanufacturingandtourismsectors.

Fiscalpolicyrestrictsthegeneralbudgetdeficitto3%ofGDPtodecreasevulnerabilityto
shocks.Taxreceiptshaverisenstronglyinrecentyears,althoughnontaxrevenuehasbeen
morevariable.Thegovernmenthasbeenreluctanttoreducecurrentexpenditure"including
publicsectorwagesandamountingsubsidybill"becauseofitsoverridingconcernforsocial
stability.

ServicesaccountedforthelargestshareofGDP(morethan60%),withtransport,
communications,hotelsandcateringparticularlyimportant.Industryisdominatedbytextile
andelectricalandmechanicaloutput.Performanceintheagriculturalsectorstillhasamajor
impactonprivateconsumption.

Tunisiatendstoregisterwidetradedeficitsthatareonlypartlyoffsetbylargeservices
surpluses,leavingthecurrentaccountindeficit.Foreigndirectinvestmentflowshaverisen
stronglyinrecentyears.

e)Macrodatasuchasinflation,unemployment

MainEconomicIndicators
RealGDPgrowth(%)
Consumerpriceinflation(av;%)
Currentaccountbalance(US$m)
Exchangerate(av;TD:US$)
Population(m)
Externaldebt(yearend;US$m)

2003
5.6
2.7
730
1.3
9.9
18,421

2004
6.0
3.6
552
1.2
10.0
20,026

2005
4.2
2.1
299
1.3
10.1
17,662

2006
5.2
4.5
619
1.3
10.2
18,480

2007
6.3
3.1
905
1.3
10.30
19,270

Source:EconomistIntelligenceUnit,CountryData.

f)Growthrates
Seeabovechart

2.Bankingsystem

a) Numberandsizeofbanks2
43financialinstitutions
o 20universalbanks
o 8offshorebanks
o 11leasingcompanies
o 2factoringcompanies

10largestbanks,accountingfor~80%ofassetsand99%ofdeposits:

NameofBank
SizeofAssets(BnTND)SizeofAssets(Bn$)
STB(SocieteTunisiennedeBanque)

4.71

3.30
BNA(BanqueNationaleAgricole)

4.49

3.14
BIAT(BanqueInternationalArabedeTunisie)
4.13

2.89
BH(Banquedel'Habitat)
3.732.61
AmenBank

2.411.69
AttijariWafabank

2.171.52
ATB(ArabTunisianBank)

2.16
1.51
UIB(UnionInternationaledeBanque)

1.86

1.30
BT(BanquedeTunisie)

1.811.27
UBCI(UnionBancairepourleCommerceetl'Industrie) 1.37

0.96

"Thethreestateownedbanksaccountforabouthalfofthemarket...Overfragmentationinthe
marketremainsaproblem."

b) Foreignversusdomesticownership3
Ofthe10largestbanks:
3arestateowned(STB,BNA,BH)withnoforeignownership.

3areprivatewithminorityforeignownership(BIAT,AmenBank,BT)
4areforeigncontrolledbanks:AttijariWafabank(controlledbyMorocco'sAttijariWafabankin
apartnershipwithSantander),ATB(controlledbytheJordian'sArabBank),UBCI(controlledby
France'sBNPParibas)andUIB(controlledbyFrance'sSocieteGenerale)

It'simportanttonotethatthe5largestbanksallhaveamajorityTunisianownership

c) Sourceoffunds4
BankingassetstotaledTND30.2Bin2007($21.1B)

d) Privatizations5
BankingsectorinTunisiaisstilllargelydraggeddownbyunderperformingstateownedbanks
thatholda50%marketshare.Liberalizationandprivatizationhasbeenslow,thoughitrecently
accelerated.

NameofpubliclyownedBank%ofcapitalpubliclyowned
STB(SocieteTunisiennedeBanque)52.50
BNA(BanqueNationaleAgricole)67.40
BH(Banquedel'Habitat)>=50

UIBwasprivatizedin2002

e) Interestspread(lendingrateminusdepositrate)
Sourcefordetailedlendingandborrowingrateinformation(postedinCentralbankfolderon
webcafe)
http://www.bct.gov.tn/bct/siteprod/english/indicateurs/interet.jsp

Borrowingratesfreelyfixedbybanksandnegotiatedwiththeircustomersexceptthosefixed
bytheTunisianSolidarityBank.Presentlyhomefinancingratesamountto5.75%.
Lendingratesarealsofreelysetbythebanksexceptsightaccountsanddepositforaperiod
oflessthan3monthshavea2%ceiling

f) Bankcredittotheprivatesector6
TND$33.0B(2008)

Domestic Credit
$30,000

$25,000

Millions of $US

$20,000

$15,000

$10,000

$5,000

$0
1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

Source:IMFsInternationalFinancialStatistics.Assumesexchangerateof1US$=1.437
Tunisiandinars

50,000
45,000
40,000

Millions of Rupees

35,000
30,000
Domestic Credit
GDP

25,000
20,000
15,000
10,000
5,000
0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

g) Bankcredittothepublicsector7

TND$3.2(2008)
Claims on the Government (net)
$2,500

Millions of $US

$2,000

$1,500

$1,000

$500

$0
1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2005

2006

2007

2008

Source:IMFsInternationalFinancialStatistics.Assumesexchangerateof1US$=1.437
Tunisiandinars

Claims on the Private Sector


$25,000

Millions of $US

$20,000

$15,000

$10,000

$5,000

$0
1997

1998

1999

2000

2001

2002

2003

2004

Source:IMFsInternationalFinancialStatistics.Assumesexchangerateof1US$=1.437
Tunisiandinars


Insurancecompaniesandotherfinancialinstitutions

a) Sizeandstructureofinsurancecompanies8
Theinsurancesectorplaysaverysmallroleintheeconomy,withturnoveramountingtojust
fewerthan2%ofGDPin2006,comparedtoanaverageof8%indevelopedcountries"

Insurancemarket,2006(TDm)

Paid
Technical
Type
Premiums %share
%share
Profits
claims
costs
Auto
344
43.2% 253
55.2% 56
53
Health
120
15.1% 106
23.1% 11
0
Technical&Diverse
115
14.4% 21
4.6% 20
38
Life
78
9.8% 26
5.7% 13
12
Transport
65
8.2% 23
5.0% 9
18
Fire
63
7.9% 20
4.4% 13
15
Credit
7
0.9% 7
1.5% 2
0
Hail&Cattle
4
0.5% 2
0.4% 1
0
TOTAL
796
100.0% 458
100.0% 125
136

Breakdownofcompaniesbymarketshare:
Top3players:47%
Top5players:63%
Top10players:91%

Largestplayers:STAR(publiccompany,35%marketshare),COMAR,MaghrebiandAstree(all
private)
Breakdownpublicplayers/privateplayers:44%/56%(withprivatesectorgainingground)

b) Lifeandpropertyandcasualty9
Lifeinsurancehasbeengrowingthefastestamonginsurancecategories(+23.4%between2006
and2007)andalsooffersthemostpotentialgivenitshighlevelofprofitability.Largestplayers
areMaghrebia,HayettandSalim,whichtogetheraccountfor44.3%oftotallifeinsurance
premiumsin2006

c) Otherfinancialinstitutionssuchasmutualfunds,etc.10
"Thereare62investmentsfundsinTunisia.ThemajorityisSocieted'InvestissementaCapital
Variable"(SICAV)and23aremutualfunds"

"Investmentsintransferablesecuritiesgrewatanannualrateof16.2%from20032007,
reachingTD3B($2.39B)inmid2007,equivalenttoaround25%ofnationalsavings"

"Morethan91%ofthesefundsareinvestedinfixedincomeinstruments,withonlyTD271m
($216.3m)inmixedinstrumentsthatincludetheequitymarket[...]Oneofthereasonswhy
Tunisianfundsarefocusedonthefixedincomemarketisbecausemanyinvestorswereburned
duringmarketdownturnsinthe1990s.Therearealsonoexitcosts,whichaddtovolatility.
Investorsthuspreferthesecurityoffixedincomefunds."

CENTRALBANKANDITSROLEINTHEECONOMY:

a)Doesitsetinterestrates,ifsohow?
TheBankCentraledeTunisie(BCT)doessetinterestrates.Itappliesaquantitativeapproach
byactingonthemonetarybasisandbyusingopenmarketoperationswithrespecttobank
liquiditytuning
Formoredetails,seeMonetaryPolicyCentralBankofTunisia.pdf(postedonWebcafe)

b)Doesitsetexchangeratesoraretheyfloating?
TheBCTconductsaflexibleexchangeratepolicy.Exchangeratedeterminedoninterbank
marketwhererateisfreelynegotiated.TheroleoftheCentralBankofTunisiaconsistsinits
interventiontofinetuneliquidityonthemarketincaseofimbalancebetweensupplyand
demandforcurrenciesonthismarket."
Formoredetails,seeExchangePolicyCentralBankofTunisia.pdf(postedonWebcafe)

c)Dataontheratesitsetsandontheexchangerate
1US$=1.437Tunisiandinars
Fordetailsoninterestrates,seeMainInterestRateCentralBankofTunisia.pdf(postedon
Webcafe)
Forhistoricaldataonexchangerates,seeHistoricaldataonexchangeratesCentralBankof
Tunisia(postedonWebcafe)

d)Functions:unitaryroleofpricestabilityorpricestabilityplusbanksupervise
PriceStabilityplusbanksupervise.TheBCTsprimaryroleisasfollows
TheCentralBankofTunisia'sgeneralassignmentistopreservepricestability.Inthisrespect
thebankisnotablyinchargeof:
Watchingoverthemonetarypolicy;
Controllingmoneyincirculationandbeingwatchfulwithrespecttosoundfunctioningof
systemsofpaymentsaswellasguaranteeingtheirsoundness,efficiencyandsecurity
Supervisingthelendinginstitutions;
Preservingboththestabilityandsecurityofthefinancialsystem.

Formoredetails,seeTasksandResponsibilitiesCentralBankofTunisia.pdfandTunisiaat
aGlanceCentralBank2006.pdf(bothpostedonWebcafe)

d) Independenceandgovernance11

Formoredetails,seeTasksandResponsibilitiesCentralBankofTunisia.pdf,Tunisiaata
GlanceCentralBank2006.pdf,andHistoryCentralBankofTunisia.pdf(allpostedon
Webcafe)

5.Governmentbondmarket

Tunisiahasmultipleformsofgovernmentbonds,issuedbytheCentralBankofTunisia.Public
debtrepresents43%ofthetradingvolume.Foreigninvestorscanonlypurchaseupto10%
oftheestimatedsemiannualvolumeoftreasurybondsissuedbytheGovernment.Theyare
notallowedtoinvestinTbills.12

Tunisiahasbeenratedinvestmentgradesince1994andwasforalongperiodthe
onlysovereigninNorthernAfricatoaccesstheinternationalcapitalmarkets.Tunisiahasbeena
regularissuerinbothSamuraiandYankeebonds,withmaturitiesrangingfrom230
years.TunisiaissuesapproximatelyEUR500mnperyear.Allborrowingsintheinternational
capitalmarketsareconductedbythecentralbank.13

Summaryofbondmarket:

10


Bond

Maturities

Volumes

Interest
Rates(most Methodof
Secondary
recent,from Primary
Market?
CentralBank Issuance
statistics)

BTC

13,26or52
weeks,
2,3,4,5or7
years

BTCT

13,26,or52
weeks

BTA
BTNB

Yes

84,338(in2006)14 4.75.2%

Yes,weak

212years

63,925(secondary
5.28.1%
market,in2008)15

Dutch
Auction

Yes,
segmented

Stock
Market

a)TransferableTreasuryBonds(BTC)
TransferableTreasurybonds(BTC)areborrowingstocksissuedbythestateonthemoney
market.Thesestocksarenegotiableatallbanksinterveningonthemoneymarket.Theunit
amountofeachbondisfixedatonethousanddinarsandtherelatinginterestrateisfixed
accordingtooffersmadebybanksduringadjudication.Thesestocksaremanagedincurrent
accountsandtheirmaturityismadeknowntobankswheneverthereisadjudication.Maturity
canvarybetween13,26or52weeksandmorethanayear(2,3,4,5or7years).Asof1999,
theStatedidnolongerissuethiscategoryofbondswhichweresubstitutedbystocksissuedon
thecapitalmarket.16

Weeklyauctions
primarydealers:banks
liquid
Segmentedsecondarymarket
17
holdersprefershorttermbonds

b)ShorttermTreasuryBond:BTCT
BTC(shorttermmaturitytreasurybonds)arethegovernmenttreasuryinstrumentsforthe
maturitieslessthanoneyear.Presently,BTCBareissuedwith13weeksmaturity,26weeksand
52weeksmaturity.AuctionoccurseveryThursday.ThesettlementhappensthenextTuesday.18

19
issuedonthecapitalmarketforafacevalueof1000dinars
Secondarymarketnotattractive
20
Increasingyield

11

Description21

Dateofthelast
auction
06November2008
27November2008
12February2009

52weeks

Line

TMP

27October2009
24November2009
24November2009

5.279
5.274
4.760

c)LongtermTreasuryBonds:BTA
BTAarethelongtermpublicdebtsupport.Theirmaturityvariesbetween2and12years.
NowyoucanfindBTAwithtwoyears,threeyears,fouryears,fiveyears,tenyearsortwelve
yearsmaturity.
BTA'srateisfixed.Itsinterestsareannual.BTAareissuedbyauction.Thenominalis
1000TND.
Thegovernmentindicatestheamountandbondsonwhichhewantstoauctionevery
firstWednesdayofthemonth.
BTAauctionsoccurthefirstWednesdayofeachmonth.Thesettlementsoccurthenext
Wednesday.22
Haveaweaksecondarymarket23
IssuedviaDutchAuction
ThesebondsareissuedbytheTreasuryonthecapitalmarketfora1000dinarsvalue24

Descriptio
n25

Dateofthelastauction

Line

TMP

6years

04November2008

March2012

5.617

7years

03February2009

October2013

5.239

05September2006

March2009

5.454

04April2006

April2010

5.557

07December2004

April2014

6.963

03January2007

February2015

6.619

04November2008

October2016

6.378

03February2009

July2017

5.672

10years

12

02December2008

December2018 6.428

12years

02December2003

July2014

8.126

15years

03February2009

May2022

6.192

d)Bondsnegotiableonthestockexchange:BTNB
Thesearepublicissuescreatedin1993andissuedbytheStateontheStockmarketforaface
valueof1000dinars.26

LowerperformancethanBTC
Authorizeddealersonlyasprimarydealers
Tradedinthestockmarketbenefitfromstockmarketasaformallyorganized
institution27

Formoredetailsonthebondmarket,seeTunisiaataGlanceCentralBank2006.pdf,
DevelopingtheGovernmentBondMarketinTunisia.pdf,andTunisianCentralDepository
GovernmentBondsdata(allpostedonWebafe)

6.Stockmarket

a) Companieslisted28
51companieslistedasofFeb.2009
Adwya
AmenBank
ARTES
ASSAD
ATB
ATL
AttijariBank
BNA
BH
BIAT
BT
BTE
CIL
Electrostar
ElWifackLeasing
Essoukna
GIF

13

MagasinGnral
Monoprix
PoulinaGroupHolding
SFBT
SIAME
SIMPAR
SIPHAT
SITS
SOMOCER
SOTETEL
SOTRAPIL
SOTUVER
SPDIT
STAR
STB
TPR
Tuninvest
Tunisair
TunisieLeasing
UIB
AirLiquide
Alkimia
Astree
AttijariLeasing
ICF
PalmBeach
PalmBeachADP
PlacementsdeTsie
SOTUMAG
STEQ
STIP
TunisieLait
UBCI
SOPAT

Formoredetailsoncompanieslisted,seeComprehensivestockmarketyearlyreport
2008.pdf(postedonWebcafe)

b) Stockpricedata29
Companiesstockprice20062007.SomecompaniesareNAbecausetheydonotappearinthe
2007performancereport(mostweren'tlistedin2007)

14

Avgstock 1yrperformance
price(2007) (20062007)

Adwya
3.3
AirLiquide
169.1
Alkimia
33.8
AmenBank
26.2
AMS
NA
ARTES
NA
ASSAD
4.2
Astree
47.0
ATB
5.4
ATL
3.3
AttijariBank
7.3
AttijariLeasing
NA
24.8
BH
BIAT
38.2
BNA
8.9
BT
97.5
BTE
31.8
CIL
14.5
ElWifackLeasing
6.4
Electrostar
11.9
Essoukna
4.9
GIF
3.1
ICF
62.5
MagasinGnral
26.5
Monoprix
84.7
PalmBeach
4.5
PalmBeachADP
4.0
PlacementsdeTsie 36.0
PoulinaGroupHoldingNA
SALIM
NA
SFBT
14.4
SIAME
2.0
SIMPAR
32.2
SIPHAT
18.5
SITEX
NA
SITS
2.3
SOMOCER
3.3
SOPAT
10.8
SOTETEL
23.0
SOTRAPIL
24.5
SOTUMAG
2.0

45.10%
2.27%
21.56%
15.99%
NA
NA
8.95%
14.66%
26.59%
48.75%
0.82%
NA
41.33%
3.16%
8.72%
6.18%
12.74%
56.17%
10.17%
3.97%
2.34%
14.51%
84.72%
1.41%
39.68%
1.12%
13.04%
63.76%
NA
NA
87.37%
29.20%
7.85%
28.69%
NA
15.33%
28.64%
1.82%
3.79%
23.53%
8.95%

15

SOTUVER
SPDIT
STAR
STB
STEQ
STIP
STS
TPR
Tuninvest
Tunisair
TunisieLait
TunisieLeasing
UBCI
UIB

15.1
7.0
35.9
10.5
13.1
2.9
NA
5.0
10.6
3.7
4.0
14.9
37.5
13.6

21.87%
8.50%
213.64%
17.09%
21.25%
35.99%
NA
19.52%
24.06%
14.82%
26.60%
13.95%
19.96%
11.97%

Foruptodateandhistoricalstockpricedata,seeOnlineToolHistoricalStockDatasince
MarketInception(postedonWebcafe)

c) Volumes30
2007Data

BIAT
SFBT
BH
STB
BT
UBCI
MONOPRIX
TUNISAIR
SOTETEL
BNA
ALLOTHERS
TOTAL

%oftotal
volume

Volume(,000 Volume(,000
TND)
USD

24.73%
8.92%
5.96%
5.15%
4.04%
4.01%
3.84%
3.67%
2.68%
2.65%
34.35%
100.00%

206,735
74,572
49,803
43,073
33,752
33,484
32,117
30,673
22,364
22,112
287,155
835,840

144,715
52,200
34,862
30,151
23,626
23,439
22,482
21,471
15,655
15,478
201,009
585,088

Formoredetailsonvolumeslisted,seeComprehensivestockmarketyearlyreport
2008.pdf(postedonWebcafe)

d) Marketcapitalization31

16

TND6,527Billion(EOY2007)=$4.569Billion

Formoredetailsonmarketcapitalization,seeComprehensivestockmarketyearlyreport
2008.pdf(postedonWebcafe)

e) Tradingvolume32
TND1,744Billion(EOY2007)=$1.221Billion
MainMarket(publiclytraded):TND905million(EOY2007)=$634million

Formoredetailsontradingvolumes,seeComprehensivestockmarketyearlyreport
2008.pdfandOnlineToolHistoricalStockDatasinceMarketInception(bothpostedon
Webcafe)

f) Turnover[TradingvolumeasafractionofCapitalization;Tradingvolumeasafraction
ofGDP]33
TurnoverCapitalization(total):1,744/6,527=26.72%
TurnoverCapitalization(publiclytradedonly):905/6,527=13.87%
TurnoverpercentofGDP(total):1.221/39.6=3.08%
TurnoverpercentofGDP(publiclytradedonly):=0.634/39.6=1.60%

Formoredetailsonturnover,seeComprehensivestockmarketyearlyreport2008.pdf
(postedonWebcafe)

g) Privatizationsthroughthestockmarket(e.g.,KenyaAirways)3435

"The[privatization]program'sresultshaveencouragedlocalauthorities,whofindthemselves
withawidermarginfornavigatingtheeconomicdifficultiesrelatedtospeculationandglobal
marketmutations.Tothepresentday,209publicandsemipubliccompanieshavebeenceded,
bringingintheimposingsumof$4.6billionintothepubliccoffers,accordingtoanofficial
balancesheet,whichspecifiedthatforeigninvestmentaccountedfor$4billionofthisamount,
or86.9%.Thisbalancesheethighlightedthat104publicenterpriseshavebeencompletely
privatizedand32partiallyceded,with11othercompaniesopeningtheircapitalforpublic
investment.Theprivatizationprogramhasprincipallyaffectedthesectorsoftourism,services,
commercial,andbuildingmaterials."

Breakdownofproceeds(revenue)fromprivatizationsandrestructuringbyperiod

DevelopmentPlan
Total

7th 8th

9th

10th

Total

11th

Total

17

87919296 9701 2002 2003 2004 2005 2006

10th
plan

Proceeds
(MDT)

126 190 1139 818

35

27

80

Numberof
enterprises
concerned
(**)

37

44

75

16

10

51

Numberof
operations
realized

68

83

170

19

22

16

15

13

85

(incourse) 11th(in
course)
2007 2008

3110 4071 136

302

438

5963

10

217

11

19

425

(**)Forenterprisesforwhichtheoperationsofprivatizationareeffectedoverthecourseofseveralperiods,
byconvention,thedateofthefirstprivatizationorrestructuringoperationisretained.
Thegovernmentseesthestockmarketastheprimaryvehicleofitsprivatizationprogram.
MajorprivatizationsthroughthestockmarketincludeTunisair(1995)

Formoredetailsonprivatization,seeTunisiaPrivatization'sprogress(2008)and
TunisianStockMarketOfficialWebsite(bothpostedonWebcafe)

h) Fractionoflocalownershipinthestockmarket36
Localownershipstandsat72.00%asofEOY2007,butvariesbysector:
ConsumerGoods:57.3%
IndustrialGoods:65.7%
FinancialServices:72.6%
BasicMaterials72.9%
Telecom:87.9%
ConsumerServices:88.2%
OilandGas88.5%
Health/Pharma:93.8%

Formoredetailsonlocalownership,seeComprehensivestockmarketyearlyreport
2008.pdfandForeignownershipofstocks2008.pdf(postedonWebcafe)

i) Automationversusmanualtrading3738
"PriortoOctober1996,theTunisianStockmarketwasbasedonacontinuoustrading.Alllisted
stocksweretradedonceadayfrom10:00a.m.to11:30a.m.byawrittenconfrontationon

18

panelsreservedtoeachsecurity[...]FromOctober1996untilJuly1997,anautomatedtrading
system,basedonanelectronicnegotiation,replacedthemanualquotationonpanels
progressively."

"TheTunisiastockexchangeimplementedanupgradetoitselectronictradingplatformin2007.
AsaPartneroftheNewYorkStockExchangeEuronext,itusesthesameNSCtradingsystem
andhasrecentlyupgradedtoNSCV900,whichshouldimprovesystemperformance[...]The
newsystemalsoallowsbrokerstousetheirownordermanagementsystems,enablingthemto
offertheirclientsonlinetradingservicesforthefirsttime"

Formoredetailsonlocalownership,seeTunisiaStockMarketAutomation.pdf(posted
onWebcafe)

j) Listingandsizeofforeignbasedfundsinvestinginthestockmarket

TOBECOMPLETED

k) Concentrationoflistedcompanies39
Top5MarketCapitalizationsin2007
%oftotal
MarketCap MarketCap

market
(,000TND) (,000USD)
capitalization
SFBT
12.44%
812,000
568,400
BT
11.20%
731,250
511,875
BIAT
9.83%
641,500
449,050
BH
6.88%
449,250
314,475
UBCI
5.73%
374,100
261,870
TOTAL 46.08%
3,008,100 2,105,670

Formoredetailsonconcentrationoflistedcompanies,,seeComprehensivestock
marketyearlyreport2008.pdf(postedonWebcafe)

l) Ifpossibleaggregatestockmarketreturns40

2007 2006 2005 2004 2003 2002

2002
2007
CAGR

1997
2007
CAGR

BVMTIndex(baseof
465.77in1997)

1937 1599 1142 975

yeartoyearchange

940

783

21.1%40.0%17.1% 3.7%20.1%21.4%

19.9%

17.2%

19

TUNINDEXIndex(base
2614 2331 1615 1331 1250 1119

1,000at12/1997)
yeartoyearchange
12.1%44.3%21.3% 6.5%11.7%11.7%
18.5%

BVMT:TheTunisStockExchangeBVMTIndexisapriceweightedindexcontainingequities
fromtheTunisStockExchange.Onlystockswithafrequencyofquotationofsixtypercent
ormoreareselected.TheindexwaslaunchedattheendofSeptember1990withabase
valueof100.

TUNINDEX:TheTunisStockExchangeTUNINDEXisacapitalizationweightedindex
containingequitiesfromtheTunisStockExchange.Thisindexisopentoalllisted
companieswithminimumperiodofquotationofsixmonths.Theindexwaslaunchedon
December31,1997withaninitialbaselevelof1000.

m) Regionalintegrationinitiatives41
Nonetodate,butdesirable:"ANorthAfricanequivalenttotheUnitedKingdomsFinancial
TimesStockExchange(FTSE)indexwouldhelpdrawfinancialmarketscloser.Beyondthis,
ensuringfullcurrencyconvertibility,atleastforAlgeria,Morocco,andTunisia,wouldensure
greatertransparencyandbolstercapitalmarkets.Finally,aMediterraneanfinancialagency,
adequatelyfinancedandtripleArated,wouldhelptobringtheseandotherinitiativesunder
oneroof."

Formoredetailsonregionalintegrationinitiatives,seeMaghrebIntegration
Initiatives.pdf(postedonWebcafe)

7.Othertypesoffinancialmarket

a)Bondmarkets
Morethan90%ofbondsissuedaregovernmentsecurities.Thenumberofcorporateissuersis
limitedalthoughfiscalincentiveshavebeenofferedtoinducelisting.Bondsareusuallylistedon
thestockexchangeandthereforeregulatedandsupervisedbytheCMF,accordingtothe
AfricanDevelopmentBank.

Theshareofnongovernmentdebtissuesremainssmallcomparedtototalmarket
issuance.Over42%ofoutstandingissuesarefrombanks(TND299mn),45%from
leasingcompanies(TND315mn),7%fromthetourismsector(TND50mn),and1.6%
fromthefactoringsector(TND11mn).
Atotalofeightcorporatebondswerelaunchedin2006,foratotalamountofTND228
mn.Detailsoftheseissuesarepresentedinthefollowingtable:

Corporateissuesin2006:42

20

11.3%


Issuer

Sector

AmountinTND

Coupon*

Maturity

AttijariBank**

Bank

80000000

4.82%

5years

AmenBank

Bank

40000000

TMM+1%

10years

Unifactor

Factoring

10000000

6.50%orTMM+1% 5years

BTKD

Bank

40000000

6.25%

TunisieLeasing

Leasing

15000000

6.5%orTMM+1% 5years

ElWifackLeasing

Leasing

5000000

6.5%orTMM+1% 5years

ATL

Leasing

30000000

6.5%orTMM+1% 7years

5years

ElMouradi
Hotel
8000000
6.50%
7years

*TMMisthemonthlymoneymarketrate
**Convertiblebond

8.Othertypesoffinance

a)Microfinance
TheTunisianSolidarityBank(BTS),agovernmentbankestablishedin1997topromotemicro
enterprise,sponsorsmicrofinanceassociationsthroughoutthecountry
Theorganizationprovidesloansofupto$9,500withamaximumrateof5%
In2007,BTSearnedthe"microfinancebankoftheyear"duringtheAfricanBanker
Awards43
AsofNovember2008,BTShadgranted340,625loansto277associations44
ThelargestprivateproviderofmicrofinanceinTunisiaisanNGO,ENDAInterArabe.
AsofJune2008,EndaInterArabehadaloanportfolioofover$28.8million,serving
76,000borrowers80%ofwhicharewomen.Itoperatesoutof50branchesthroughout
thecountry,primarilyinurbanandsemiurbanareas.45

Othermicrofinanceprovidersincludeforeigngovernmentsandinternationalorganizations
(AFDAgenceFrancaisededevelopment,theWorldBank,theAfricandevelopmentBank,GTZ,
etc)46

Formoredetailsonmicrofinance,seeMicrocapitalStory:TunisianSolidarity
Bank,MicrorateJune2008.pdfandDevelopmentorgsinTunisia.pdf(allpostedon
Webcafe)

b)Informalfinance
Informalmoneylendingisfairlycommonbutpoorlydocumented.Variouspartiesarebelieved
tograntloanstoindividualsatinterestratesofasmuchas7.5%permonth.47

21

FormoredetailsonInformalFinance,seeMicrofinanceGatewayDatasummary(posted
onWebcafe)

c)Otherformsofgovernmentfinance
Thereareanumberoffinancingmechanismsandinstitutionsavailabletoentrepreneurs.They
canbebroughtintoplayasfollows:
Forcapital:Allotmentorshareholdings
Nationalfundtopromotehandicraftsandsmalltrades(FONAPRAM)
Fundforindustrialpromotionanddecentralization(FOPRODI)
Incentivesystemforinnovationininformationtechnologies(RITI)
Capitalriskinvestmentcompanies(SICAR)

Investmentloans:shortandmediumtermloans
TunisianSolidarityBank(BTS)
Banktofinancesmallbusinesses(BFPME)

Guarantees:Guaranteeloansandshareholdings
TunisianGuarantyCompany(SOTUGAR)
NationalGuaranteeFund(FNG)

d)Privateequity
TunisiahasbeenatargetofprivateequityinvestmentsfrombothTunisianfirmsand
internationalfirmsinvestinginthecountry.TheTunisianPrivateEquityAssociation(ATIC)
supportsventurecapitalandprivateequityassociationsinTunisia.AsofFebruary2009,ithad
over40members.
MajorTunisianprivateequityfirmsincludeTuninvestFinancialGroup(TFG)
andFinanciereTunisienne(FT).
InternationalprivateequityfirmsinvestinginTunisiaincludeEmergingCapitalPartners
(US),IIB(UAE),GlobalInvestmentHouse(Kuwait),andActis(UK).

22

The Economist Intelligence Unit Limited 2008 www.eiu.com Country Profile 2008

Source:TheReportTunisia2008(OxfordBusinessGroup)
3
TheReportTunisia2008(OxfordBusinessGroup)
4
TheReportTunisia2008(OxfordBusinessGroup)
5
TheReportTunisia2008(OxfordBusinessGroup)
6
IFSOnline
7
IFSOnline
8
TheReport:Tunisia2008(OxfordBusinessGroup)
9
TheReport:Tunisia2008(OxfordBusinessGroup)
10
TheReport:Tunisia2008(OxfordBusinessGroup)
11

http://www.bct.gov.tn/bct/siteprod/english/presentation/historique.jsp

12

http://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/24108442EN
TUNISIA.PDF
13
http://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/24108442EN
TUNISIA.PDF
14
http://www.cmf.org.tn/pdf/statistiques/valeurs_tresor/volume_mensuel_btc.pdf
15
http://www.cmf.org.tn/pdf/statistiques/valeurs_tresor/volume_mensuel_bta.pdf
16
http://www.bct.gov.tn/bct/siteprod/english/politique/index.jsp
17
http://www1.worldbank.org/finance/assets/images/Boughzala
case_study_tunisia_slides.pdf
18
http://www.sticodevam.com/En/Activity/Payment_Delivery/Payment_Delivery.html)
19
http://www.bct.gov.tn/bct/siteprod/english/politique/index.jsp)
20
http://www1.worldbank.org/finance/assets/images/Boughzala
case_study_tunisia_slides.pdf
21
http://www.bct.gov.tn/bct/siteprod/english/indicateurs/interet.jsp
22
http://www.sticodevam.com/En/Activity/Payment_Delivery/Payment_Delivery.html
23
http://www1.worldbank.org/finance/assets/images/Boughzala
case_study_tunisia_slides.pdf
24
http://www.bct.gov.tn/bct/siteprod/english/politique/index.jsp
25
http://www.bct.gov.tn/bct/siteprod/english/indicateurs/interet.jsp
26
http://www.bct.gov.tn/bct/siteprod/english/politique/index.jsp
27
http://www1.worldbank.org/finance/assets/images/Boughzala
case_study_tunisia_slides.pdf
28
BoursedesValeursMobilieresdeTunisie
(http://www.bvmt.com.tn/EN/publications/stats/yearly/yearly.pdf)
29
BoursedesValeursMobilieresdeTunisie
(http://www.bvmt.com.tn/EN/publications/stats/yearly/yearly.pdf)
30
BoursedesValeursMobilieresdeTunisie
(http://www.bvmt.com.tn/EN/publications/stats/yearly/yearly.pdf)
31
BoursedesValeursMobilieresdeTunisie
(http://www.bvmt.com.tn/EN/publications/stats/yearly/yearly.pdf)

23

32

BoursedesValeursMobilieresdeTunisie
(http://www.bvmt.com.tn/EN/publications/stats/yearly/yearly.pdf)
33
BoursedesValeursMobilieresdeTunisie
(http://www.bvmt.com.tn/EN/publications/stats/yearly/yearly.pdf)
34
TunisiaPrivatization'sprogress(September2008)
(http://zawya.com/Story.cfm/sidZAWYA20080911090822/Tunisia%20
%20Privatization's%20progress%20%20%20%20/)
35
PrivatizationinTunisia(RepublicofTunisia,PrimeMinistry)
(http://www.privatisation.gov.tn/www/en/home.asp)
36
BoursedesValeursMobilieresdeTunisie
(http://www.bvmt.com.tn/EN/publications/stats/yearly/yearly.pdf)
37
TheReport:Tunisia2008(OxfordBusinessGroup)
38
Theimpactofautomations,liquidity,volatility,stockreturnsandefficiency:evidencefrom
theTunisianstockmarket(OlfaBenoudaSioudandDorraMezzezHmaied,2002).Presented
attheEconomicResearchForum,Sharjah,2002
(http://www.erf.org.eg/CMS/getFile.php?id=718)
39
BoursedesValeursMobilieresdeTunisie
(http://www.bvmt.com.tn/EN/publications/stats/yearly/yearly.pdf)
40
Source:BoursedesValeursMobilieresdeTunisie
(http://www.bvmt.com.tn/EN/publications/stats/yearly/yearly.pdf)
Source:Bloomberg(http://www.bloomberg.com/apps/quote?ticker=TUSIBVMT:IND)and
(http://www.bloomberg.com/apps/quote?ticker=TUSIBVMT:IND)
41
MaghrebRegionalandGlobalIntegration:ADreamtobeFulfilled(PetersonInstitutefor
InternationalEconomics,October2008)
(http://www.iie.com/publications/briefs/maghreb.pdf)
42

http://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/24108442-ENTUNISIA.PDF
43

http://www.microcapital.org/microcapitalstorytunisiansolidaritybankbtsreceives
africanbankermagazinetrophyformicrocreditbankoftheyear/
44
http://allafrica.com/stories/200812050722.html
45
http://www.endarabe.org.tn/pdf/performance.pdf
46
http://www.devdir.org/files/Tunisia.PDF
47
http://www.microfinancegateway.com/resource_centers/reg_sup/micro_reg/country/51/

24