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BCT’s Dollar Bonds Rally on Minister Saying No Plan to Curb Central Bank Independence
May 26, 2023
Dollar bonds of the Central Bank of Tunisia (BCT) rallied by over 2.5% across the curve after its Economy and Planning Minister Samir Saied said, “The independence of the central bank will remain respected as it is without any modifications”. This comes after questions were raised about the central bank’s independence especially after the deputy speaker of the parliament said that it was among issues that would be covered in planned drafts. Tunisia is trying to strengthen its economy following years of tepid growth. They are currently in talks with the IMF to reach a final agreement on a $1.9bn bailout. Bloomberg notes that in 2016, a parliamentary vote to strengthen BCT’s independence was instrumental to the nation securing a $2.9bn 4Y IMF loan at the time.
BCT’s 5.75% dollar bonds due 2025s were up 1.5 points to trade at 57.8.
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