New Tunisian central bank Governor promises ‘extraordinary measures’

Former World Bank official and economics professor Marouane El Abassi was sworn in, on Friday, before President Beji Caid Essebsi after being approved by parliament as the new Tunisia’s Central Bank governor on Thursday, promising “extraordinary measures” to save the country’s economy.

El Abbassi takes over the BCT at a crucial time when Tunsiia faces deep economic challenges, mainly the rising deficit and inflation and a fall in the Tunisian dinar value as well as high uneemployment.

“I do not believe that there is a crisis that cannot be solved,” El Abassi told lawmakers before the vote on his nomination.

“But the current period is an extraordinary period that needs to be dealt with through extraordinary measures. We must finish with traditional solutions.”

Out of 157 members of parliament present, 134 voted to approve El Abassi.  Tunisia’s economic indicators were “frightening”, El Abassi told parliament.

“The priorities will be  inflation rates that could reach 10 per cent if we don’t react, the growing trade deficit and the current account deficit,” he said.

“Another priority is the fight against the parallel market to support the Tunisian currency.”

TunisianMonitorOnLine (MNHN)

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