Tunisia

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
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
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
d) Marketcapitalization31
16
TND6,527Billion(EOY2007)=$4.569Billion
Formoredetailsonmarketcapitalization,seeComprehensivestockmarketyearlyreport
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
5
6
IFSOnline
7
IFSOnline
8
TheReport:Tunisia2008(OxfordBusinessGroup)
9
10
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
21
22
http://www.sticodevam.com/En/Activity/Payment_Delivery/Payment_Delivery.html
23
24
25
26
27
28
BoursedesValeursMobilieresdeTunisie
(http://www.bvmt.com.tn/EN/publications/stats/yearly/yearly.pdf)
29
30
31
23
32
33
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
37
38
Theimpactofautomations,liquidity,volatility,stockreturnsandefficiency:evidencefrom
theTunisianstockmarket(OlfaBenoudaSioudandDorraMezzezHmaied,2002).Presented
attheEconomicResearchForum,Sharjah,2002
(http://www.erf.org.eg/CMS/getFile.php?id=718)
39
40
Source:BoursedesValeursMobilieresdeTunisie
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

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Claims on the Private Sector

87919296 9701 2002 2003 2004 2005 2006

126 190 1139 818

3110 4071 136

2007 2006 2005 2004 2003 2002

1937 1599 1142 975

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