Tunisian expat remittances grows in H1 of 2023

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Tunisia - Tunisian expat remittances hit TND 3,914.2 million in the first half (H1) of 2023, compared with TND 3,751.8 million in the same period of 2022, according to financial and monetary indicators published on Thursday by the Central Bank of Tunisia (BCT).

These remittances helped cover almost all external debt servicing, which stood at TND 3,986.6 million on June 30, 2023, compared with TND 4,374.6 million a year earlier.

Likewise, tourism receipts rose by 54.4% from TND 1,438.8 million in H1 of 2022 to TND 2,221.3 million at the end of June 2023.

Tourism receipts and remittances from Tunisians abroad have ensured the stability of the external sector and the preservation of net foreign currency assets, which stood at TND 22.9 billion on July 5, 2023, the equivalent of 99 days of imports.

The BCT's indicators also showed a 0.48% improvement in the exchange rate of the dinar against the US dollar, with one dollar currently being exchanged for TND 3.090.

Although remittances from Tunisians abroad have become a vital source of foreign currency for Tunisia, a number of obstacles stand in the way of further growth in the value of these remittances, including high bank transfer charges and the failure to channel these funds into investment because of bureaucratic problems.