Tunisia Way

Close-ended (SICAF) and variable (SICAV) investment companies and private capital venture funds (SICAR) have multiplied, numbering 158 at the end of 2002.

The Tunisian Dinar is convertible for current operations since 1994 and the foreign exchange market handles buying and selling of foreign currency.

Transfers relating to capital income (profits, remuneration of founders’ shares, dividends, percentages and attendance fees, interest on loans), transfers relating to commercial deals and related operations, and transfers relating to production operations and real net proceeds from the sale or liquidation of capital funded by means of imported hard currency, are free.

Market capitalisation amounted to TD 3.840 billion in 2005, with 46 listed companies.

  The BVMT Index (base 465.77 on 31 March 1998) hit 1142.46 points (974.82 in 2004) and the TUNINDEX index (base 1000 on 31 December 1997) rose to 1615.12 points (1331.82 points in 2004). The liquidity ratio was 55 percent.

  The programme for implementation of an alternative money market on the Tunis Stock Exchange began on 1 March 2006. This initiative aims at facilitating access by industrial SMEs to the money market so they can diversify their sources of financing. Companies that want to be listed on this new market (which will have simplified admission criteria) can take advantage of expert advice to prepare for quotation on the stock exchange. Initial quotation should take place by the 1st of March 2007.