Tunisia operates under an effective prohibition framework for crypto rather than a dedicated VASP law: the Central Bank of Tunisia (BCT) does not authorize cryptocurrency transactions, and existing financial laws — including Law No. 94-117 on the Reorganization of the Financial Market and Law No. 2016-71 on Payment Institutions — leave exchanges, custody providers, and payment processors in a regulatory void that functionally bars all licensed crypto activity. The BCT sets the regulatory posture while the Tunisian Financial Analysis Committee carries AML/CFT obligations derived from FATF Recommendations and UN Security Council resolutions, though no Travel Rule, KYC, or segregation regime formally applies to VASPs given their unauthorized status. Enforcement is real and criminal: a 2021 prosecution under foreign exchange laws resulted in imprisonment for using cryptocurrency to transfer funds abroad, signaling that cross-border crypto activity carries direct criminal exposure under existing financial statutes. (bct.gov.tn, consilium.europa.eu, treasury.gov)
Central Bank of Tunisia (BCT) - Official Website: The BCT issues warnings and guidance regarding general cryptocurrency risks.
Report Suspicious Transaction Reports (STRs) to the Tunisian Financial Analysis Committee (CTAF).
Can specific business models operate in Tunisia? Each card answers the operational question for one kind of operator. Curated cells reflect counsel-grade review; AI-generated cells should be confirmed before relying on them.
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AI · Unreviewed| Law / Regulation | Year | Scope |
|---|---|---|
| Law No. 94-117 of November 14, 1994, on the Reorganization of the Financial Mark | 1994 | Law No. 94-117 of November 14, 1994, on the Reorganization of the Financial Market: This is the cornerstone legislation. |
Cryptocurrencies are not recognized as legal tender in Tunisia.
Transactions involving cryptocurrencies are not authorized by the BCT.
The BCT highlights the risks associated with virtual assets, including volatility, lack of consumer protection, money laundering, and financing of terrorism.
Exchanges: There is no legal framework allowing the operation of crypto exchanges. Any attempt to operate one would be in violation of the BCT's stance and existing financial laws.
Custody Providers: Similarly, no specific license exists. Providing custody for virtual assets would fall into the same regulatory void/prohibition.
Payment Processors: Companies processing payments in or with cryptocurrencies would face the same regulatory hurdles as exchanges. Traditional payment service provider licenses (issued by the BCT for fiat currencies) would not extend to virtual assets given their non-recognition.
Capital Requirements: Substantial minimum capital requirements to ensure financial stability and cover operational risks.
AML/KYC Compliance: Strict Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and procedures, in line with international standards (FATF recommendations). This would include customer identification, transaction monitoring, suspicious activity reporting to the Commission Tunisienne des Analyses Financières (CTAF) (Tunisia's Financial Intelligence Unit).
Local Presence: A physical presence in Tunisia, including a local registered office, and potentially local management and staff.
Governance and Risk Management: Robust internal governance, risk management frameworks, IT security measures, and business continuity plans.
Fit and Proper Requirements: For management, board members, and significant shareholders.
Consumer Protection: Measures to protect users' funds and data.
Banque Centrale de Tunisie (BCT) Official Website:
Relevance: The BCT is the primary monetary authority. You would need to monitor their press releases, circulars, and official communications sections for any updates or explicit statements regarding virtual assets. Historically, they have issued warnings about the risks of cryptocurrencies and their non-recognition as legal tender. Searching their site for terms like "cryptomonnaies," "monnaies virtuelles," or "actifs virtuels" (French for cryptocurrencies, virtual currencies, virtual assets) would yield their current stance.
Commission Tunisienne des Analyses Financières (CTAF) - Tunisia's FIU:
Relevance: While the CTAF primarily deals with AML/CFT for traditional financial institutions, any future regulation of virtual assets would certainly place them under the purview of the CTAF for AML/CFT compliance. Their site provides information on Tunisia's AML/CFT framework, which would be foundational for any regulated financial activity.
Investment Tokens/Security Tokens (STOs): Tokens that are offered to raise capital for a project or company, where investors expect a financial return (e.g., profit sharing, dividends, interest, or appreciation in value) based on the issuer's performance or assets.
Equity Tokens: Tokens that represent ownership stakes in a company, granting rights similar to traditional shares (e.g., voting rights, dividend rights, liquidation rights).
Debt Tokens: Tokens that represent a loan made to an issuer, entitling the holder to principal repayment and/or interest payments.
Tokens Linked to Tangible Assets: Tokens representing fractional ownership of real estate, commodities, or other assets, where the value and potential returns are tied to the underlying asset and managed by the issuer.
Payment Tokens/Cryptocurrencies (e.g., Bitcoin, pure Ether): Tokens primarily functioning as a medium of exchange, unit of account, or store of value, without being issued by a specific entity to fund a venture with an expectation of profit from that entity's efforts. The Central Bank of Tunisia (BCT) has, however, issued strong warnings against the use of these cryptocurrencies due to their unregulated nature, volatility, and risks (e.g., money laundering, terrorist financing).
Pure Utility Tokens: Tokens that solely grant access to a specific product or service on a blockchain network, where their value is tied to their utility within that ecosystem, and there is no primary investment expectation of profit from the issuer's efforts.
CMF Approval: Issuers must obtain prior authorization from the CMF for any public offering of securities.
Prospectus Requirement: A detailed prospectus must be prepared and approved by the CMF. This prospectus must contain comprehensive information about the issuer, the project, the financial health of the issuer, the characteristics of the tokens, the risks involved, and how the proceeds will be used.
Licensing: Issuers and any intermediaries involved in the offering (e.g., financial advisors, placement agents) must be licensed by the CMF.
Corporate Governance: The issuer must comply with relevant corporate governance and transparency rules.
While not requiring the full public offering prospectus, private placements (offerings to a limited number of qualified investors) would still be subject to general anti-fraud provisions of securities law and potentially other notification requirements to the CMF. The exact thresholds and definitions of "private placement" versus "public offering" are defined in Tunisian law.
Regulated Market: If a security token is to be traded on a regulated secondary market (e.g., a stock exchange or a regulated multilateral trading facility), it would need to be listed on such a market and comply with all applicable rules and regulations of that market and the CMF. This includes transparency requirements, continuous disclosure obligations, market abuse rules, and investor protection measures.
Over-the-Counter (OTC) Trading: Unlicensed OTC trading of security tokens would generally be prohibited. Any entity facilitating secondary trading of security tokens would likely need to be licensed by the CMF as a financial intermediary.
General Warnings: The Central Bank of Tunisia (BCT) has repeatedly issued warnings to the public about the risks associated with investing in, transacting with, or holding cryptocurrencies like Bitcoin. These warnings typically highlight the lack of legal tender status, absence of regulatory oversight, high volatility, and risks of fraud, money laundering, and terrorist financing.
Prohibition of Payment/Exchange: The BCT's stance effectively prohibits licensed financial institutions from dealing with cryptocurrencies and restricts individuals from using them for payments or exchange through regulated channels. This is more related to monetary policy, financial stability, and AML/CFT concerns rather than specific securities regulation of tokens.
The market for such offerings in Tunisia is either very nascent or non-existent through formal channels.
Authorities might be taking a cautious "wait and see" approach for innovative blockchain applications while prioritizing stability and consumer protection.
Any potential issues might be handled through administrative warnings or informal measures rather than public prosecutions.
Law No. 94-117 of November 14, 1994, on the Reorganization of the Financial Market: This is the cornerstone legislation. It's often available in French on Tunisian legal resource websites.
While a direct official English translation link is hard to find, the official French text can be sought on sites like Jurisite Tunisia (jurisitetunisie.com) by searching for "Loi n° 94-117 du 14 novembre 1994."
Conseil du Marché Financier (CMF) - Official Website: The primary regulator for securities.
https://www.cmf.tn/ (Content primarily in French and Arabic)
Central Bank of Tunisia (BCT) - Official Website: The BCT issues warnings and guidance regarding general cryptocurrency risks. Look for press releases or circulars concerning digital assets.
https://www.bct.gov.tn/ (Content primarily in French and Arabic)
Compliance Requirement: Tunisia is legally bound to implement UN Security Council (UNSC) resolutions that impose targeted financial sanctions. These primarily relate to counter-terrorism (e.g., against Al-Qaida, ISIL/Da'esh affiliates) and counter-proliferation of weapons of mass destruction. All financial institutions, including VASPs (once explicitly regulated or by analogy), must freeze assets and prevent funds/services from being made available to designated individuals and entities on the UN Consolidated Sanctions List.
Legal Basis: UN Security Council Resolutions, particularly those under Chapter VII of the UN Charter (e.g., Resolution 1267 (Al-Qaida/ISIL), 1373 (general counter-terrorism), 1718 (DPRK), 2231 (Iran). Tunisia incorporates these into its national law.
UN Security Council Sanctions Committees: https://www.un.org/securitycouncil/sanctions/information
UN Consolidated Sanctions List: https://www.un.org/securitycouncil/content/un-sc-consolidated-list
Compliance Requirement: The FATF sets international standards for combating money laundering and terrorist financing. Tunisia, through its membership in MENAFATF, is assessed on its adherence to these recommendations. Recommendation 15 specifically addresses virtual assets and VASPs, requiring countries to regulate and supervise VASPs for AML/CFT purposes, including implementing targeted financial sanctions. VASPs are expected to conduct customer due diligence (CDD), monitor transactions, report suspicious activities, and screen against sanctions lists. The FATF "Travel Rule" (Recommendation 16) also applies to VASPs.
Tunisia's Status: The MENAFATF's 2019 Mutual Evaluation Report (MER) for Tunisia highlighted that Tunisia needed to adopt legislative and regulatory measures to apply the FATF Recommendations to virtual assets and VASPs. While progress has been made, the underlying AML/CFT obligations apply.
Legal Basis: FATF Recommendations (updated regularly).
MENAFATF Mutual Evaluation Report of Tunisia (2019): https://www.menafatf.org/sites/default/files/FATF-MENAFATF_Mutual_Evaluation_Report_Tunisia_2019.pdf (See Section 7 on New Technologies and VASPs, specifically page 27 for Recommendation 15).
EU Sanctions & OFAC Sanctions (US):
Compliance Requirement: While not directly binding on Tunisian entities unless they have a nexus to the EU or US jurisdiction (e.g., an EU-based branch, US dollar transactions, or US persons as clients), EU and OFAC sanctions lists are critical for Tunisian VASPs engaged in international operations. Many global financial institutions and partners will de-risk if a VASP does not demonstrate compliance with these broader lists. VASPs often screen against these lists as a best practice to mitigate financial crime risks and maintain correspondent banking relationships.
EU Restrictive Measures (Sanctions): https://www.consilium.europa.eu/en/policies/sanctions/
OFAC Specially Designated Nationals (SDN) List: https://www.treasury.gov/ofac/downloads/sdnlist.txt
Law No. 2015-26 on Combating Money Laundering and Terrorist Financing (as amended): This is the cornerstone legislation. It establishes the framework for identifying, reporting, and prosecuting money laundering and terrorist financing. It requires obliged entities to:
Conduct customer due diligence (KYC).
Monitor transactions for suspicious activity.
Report Suspicious Transaction Reports (STRs) to the Tunisian Financial Analysis Committee (CTAF).
Implement targeted financial sanctions as per UN resolutions.
Current Status regarding Crypto: While the law provides a general framework, specific regulations explicitly defining VASPs and their precise obligations under this law were still being developed as of the 2019 FATF MER. However, the principles of AML/CFT, including sanctions compliance, are expected to apply.
Reference: This law is published in the Journal Officiel de la République Tunisienne (JORT). Specific English translations might be available via legal databases or local counsel.
Tunisian Financial Analysis Committee (CTAF - Comité Tunisien des Analyses Financières):
Role: The CTAF is Tunisia's Financial Intelligence Unit (FIU). It is responsible for receiving, analyzing, and disseminating STRs, and for issuing guidance to obliged entities on AML/CFT compliance, including sanctions screening.
Reference: CTAF website (information might be primarily in Arabic/French): https://www.ctaf.gov.tn/
Primary Obligation: Screen all customers and beneficial owners against the UN Consolidated Sanctions List. This is a direct legal requirement stemming from Tunisia's UN obligations.
Recommended Best Practice: For global market access and de-risking, VASPs should also screen against:
OFAC Specially Designated Nationals (SDN) List and other OFAC lists.
FATF High-Risk Jurisdictions subject to a Call for Action (Blacklist) and Jurisdictions under Increased Monitoring (Greylist).
Methodology: Screening should occur during onboarding (KYC), periodically, and for real-time transaction monitoring. This involves checking names, aliases, dates of birth, addresses, and other identifying information against sanctions databases.
Sanctioned Jurisdictions: Countries that are subject to comprehensive UN, OFAC, or EU sanctions (e.g., North Korea, Iran in certain contexts, Syria, Cuba).
FATF High-Risk Jurisdictions: Jurisdictions identified by the FATF as having strategic deficiencies in their AML/CFT regimes. Dealing with these jurisdictions carries heightened risk and may trigger enhanced due diligence requirements.
Fines: Significant monetary penalties for institutions and individuals.
Imprisonment: Individuals responsible for non-compliance (e.g., management, compliance officers) may face terms of imprisonment.
Administrative Sanctions: These can include revocation of licenses, prohibition from conducting business, and other regulatory measures imposed by the CTAF or other supervisory bodies.
Reputational Damage: Non-compliance can severely damage a VASP's reputation and its ability to operate globally or secure partnerships.
Travel rule data collection in progress.
There are no specific capital gains tax rates for cryptocurrencies in Tunisia.
Since virtual assets are not recognized as legitimate financial assets, the framework for taxing capital gains on traditional assets (e.g., shares, real estate) does not officially extend to crypto. Any profits derived from crypto are not explicitly covered by the existing tax code for capital gains.
There is no specific income tax regime for income derived from cryptocurrency activities (e.g., mining, staking, trading income, salaries paid in crypto).
Given the BCT's stance, any "income" generated from such activities would be in an unregulated and potentially illegal domain, making its declaration for tax purposes problematic and undefined under current law. If crypto were ever to be legalized and income derived, it might fall under general income tax principles, but this is entirely speculative and not the current legal reality.
Cryptocurrency transactions are not subject to VAT/GST in Tunisia.
This is because they are not recognized as legitimate goods, services, or financial instruments within the Tunisian tax system. The framework for VAT applies to taxable supplies of goods and services, which does not currently encompass virtual assets.
Reporting Requirements for Individuals and Businesses:
Since there is no specific tax framework for cryptocurrencies, there are no specific tax reporting requirements for individuals or businesses related to crypto holdings, transactions, or profits for tax purposes.
However, it's crucial to understand that general financial regulations, foreign exchange controls, and anti-money laundering (AML) laws apply to all financial activities in Tunisia. Engaging in unrecognized crypto activities could therefore trigger scrutiny under these broader regulations, even if there isn't a specific crypto tax reporting requirement.
There is currently no crypto-specific tax legislation in Tunisia.
The existing tax laws (Code des Droits et Procédures Fiscaux, Income Tax Law, Corporate Tax Law, VAT Law) do not contain any provisions related to virtual assets.
Direction Générale des Impôts (DGI) - General Directorate of Taxes:
This is the primary tax authority in Tunisia. You would typically look for tax laws, decrees, and circulars on their website. As of now, there is no specific guidance on crypto.
Banque Centrale de Tunisie (BCT) - Central Bank of Tunisia:
The BCT is the main regulatory body that has issued warnings and statements regarding cryptocurrencies, defining their non-recognition status. While not a tax authority, their stance is fundamental to understanding the tax implications (or lack thereof).
(Look for news releases, official statements, or press conferences concerning "cryptomonnaies" or "virtual assets" for their official position.)
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No explicit classification: Tunisian law does not explicitly classify stablecoins as e-money, payment tokens, or securities.
Likely Default Treatment: Due to the absence of specific legislation, stablecoins are generally treated as unregulated and unauthorized financial instruments.
Potential "e-money" conflict: If a stablecoin were pegged to the Tunisian Dinar or aimed to function as a payment instrument, it would likely fall under the scope of laws governing electronic money and payment services. However, without explicit BCT authorization (which is highly unlikely given their current stance), such an operation would be considered illegal. The primary legislation in this area is:
Loi n° 2016-71 du 30 septembre 2016, relative aux établissements de paiement (Law No. 2016-71 of September 30, 2016, on Payment Institutions). This law defines electronic money and regulates the issuance of electronic money by authorized payment institutions. Stablecoins, particularly fiat-backed ones, could conceptually fit some aspects of this definition if they were recognized and licensed, but currently, they are not.
Securities: While less likely for typical stablecoins (especially those aiming for fiat parity), certain stablecoins with complex underlying mechanisms or profit-sharing characteristics could theoretically be deemed securities under existing securities laws, though this is speculative without specific guidance.
None Specified: As stablecoins are not explicitly regulated or authorized, there are no specific reserve requirements for stablecoin issuers under Tunisian law.
Hypothetical for e-money: If a stablecoin issuer were ever licensed as an electronic money institution under Law 2016-71, they would be subject to strict safeguarding requirements for client funds, typically requiring funds to be held in segregated accounts with a credit institution or invested in secure, low-risk assets. However, this is purely hypothetical in the current environment.
No Specific License: There is no specific licensing regime for stablecoin issuers in Tunisia.
General Prohibition: Any entity seeking to issue or facilitate the use of stablecoins for payment purposes within Tunisia would likely be seen as operating an unauthorized financial service, potentially violating existing laws related to currency issuance and payment services.
BCT Authorization: Under Law 2016-71, any entity providing payment services or issuing electronic money requires explicit authorization from the BCT. It is highly improbable that the BCT would grant such authorization for stablecoin issuance.
No Mandated Rights: Due to the lack of specific regulation, there are no legally mandated redemption rights for stablecoin holders in Tunisia.
Contractual Basis (if any): Any redemption rights would solely depend on the terms and conditions set by the issuer, which would likely not be enforceable under Tunisian law if the stablecoin operation itself is deemed illegal.
No Specific Rules: Tunisia has no specific rules or regulations addressing algorithmic stablecoins. Given the BCT's general stance on cryptocurrencies, algorithmic stablecoins, with their inherent volatility and complex mechanisms, would likely face even greater scrutiny and would certainly not be authorized.
Potential Future Interaction: If Tunisia were to launch a sovereign CBDC, it would likely be designed to enhance the existing financial system and would almost certainly operate as the primary digital form of the national currency. In such a scenario, private stablecoins (especially those pegged to the Dinar) would likely be viewed as competing with or undermining the official CBDC and would face even stricter prohibitions or be entirely displaced. It is highly improbable that a Tunisian CBDC would integrate or cooperate with private stablecoins.
Reference: Journal Officiel de la République Tunisienne (JORT) N° 82 du 11 octobre 2016.
URL (French): https://www.bct.gov.tn/bct/siteprod/loi201671_fr.pdf (Direct PDF from BCT website)
This law defines "monnaie électronique" (electronic money) and sets the framework for payment services and institutions. While stablecoins are not explicitly mentioned, this is the closest existing framework for digital fiat.
Banque Centrale de Tunisie (BCT) Official Communications:
The BCT frequently issues communiqués regarding the unauthorized nature of cryptocurrencies. While specific direct URLs to every warning might be challenging to maintain over time, their official website serves as the primary source of their stance.
Searches on their "Communiqués de presse" or "Actualités" sections would reveal their consistent warnings against cryptocurrencies and unregulated financial activities.
Securities classification data collection in progress.
Sanctions data collection in progress.
Regulator Name: While the Central Bank of Tunisia (BCT) defines the regulatory environment, the enforcement was carried out by the Tunisian judicial system (police and courts) based on existing financial laws.
Entity Targeted: Iskander Najar (also sometimes reported as Islem Najar), a young Tunisian individual. Violation Type: Illegally using cryptocurrency to transfer money abroad, violating Tunisian foreign exchange laws (specifically, the prohibition on non-authorized transfers of foreign currency) and potentially money laundering charges. Penalty Amount: Initial sentence of two years in prison and a fine of 5,000 Tunisian Dinars (TND) (approximately $1,700 at the time). This sentence was later reduced on appeal. Specific details of the reduced fine are less widely reported than the prison sentence reduction.
Date: Arrest occurred in early 2021. An initial sentence was delivered in March 2021. Appeals and subsequent rulings continued into 2022.
Outcome: Najar was convicted and served time in prison. The case garnered significant international attention, with many advocating for his release and highlighting the severity of Tunisia's stance on crypto. His sentence was ultimately reduced on appeal, and he was released after serving part of his term. The outcome reinforced Tunisia's strict interpretation of its foreign exchange laws concerning digital assets.
Al Jazeera (March 2021): Tunisia jails man for using Bitcoin to transfer money
Middle East Eye (March 2021): Tunisia jails student for using Bitcoin to transfer money abroad
Bloomberg (April 2021, discusses the wider context): Tunisia Says Jailed Bitcoin User Violated Exchange Rules
Access Now (July 2021, update on appeal): Tunisia: Imprisoned Bitcoin user’s appeal postponed as calls for release grow
Legal Basis: UN Security Council Resolutions, particularly those under Chapter VII of the UN Charter (e.g., Resolution 1267 (Al-Qaida/ISIL), 1373 (general counter-terrorism), 1718 (DPRK), 2231 (Iran). Tunisia incorporates these into its national law.
Legal Basis: FATF Recommendations (updated regularly).
Likely new licensing requirements expected around 2026-10-21
Based on 116 historical regulatory events for Tunisia, averaging every 101 days, with decreasing regulatory activity.
Definition of Virtual Asset Service Providers (VASPs): It explicitly includes VASPs as "reporting entities" (or "obliged entities" / "personnes assujetties"). While the law itself may not define all types of VASPs exhaustively, it typically covers entities that conduct one or more of the following activities for or on behalf of another natural or legal person:
No specific custody legislation is publicly pending. While there have been discussions and initiatives regarding blockchain technology and digital transformation within the BCT (e.g., the concept of an e-dinar or exploring central bank digital currencies), these are distinct from regulating private cryptocurrencies or their custody. There are no known specific bills or regulatory drafts focused on establishing a licensing regime or specific rules for cryptocurrency custody services.
Banque Centrale de Tunisie (BCT) Communiqué de presse sur les monnaies virtuelles (November 10, 2020):
Regulator Name: While the Central Bank of Tunisia (BCT) defines the regulatory environment, the enforcement was carried out by the Tunisian judicial system (police and courts) based on existing financial laws.
Payment Processors: Companies processing payments in or with cryptocurrencies would face the same regulatory hurdles as exchanges. Traditional payment service provider licenses (issued by the BCT for fiat currencies) would not extend to virtual assets given their non-recognition.
EU Sanctions & OFAC Sanctions (US):
Primary Obligation: Screen all customers and beneficial owners against the UN Consolidated Sanctions List. This is a direct legal requirement stemming from Tunisia's UN obligations.
Methodology: Screening should occur during onboarding (KYC), periodically, and for real-time transaction monitoring. This involves checking names, aliases, dates of birth, addresses, and other identifying information against sanctions databases.
Sanctioned Jurisdictions: Countries that are subject to comprehensive UN, OFAC, or EU sanctions (e.g., North Korea, Iran in certain contexts, Syria, Cuba).
Administrative Sanctions: These can include revocation of licenses, prohibition from conducting business, and other regulatory measures imposed by the CTAF or other supervisory bodies.
Payment Tokens/Cryptocurrencies (e.g., Bitcoin, pure Ether): Tokens primarily functioning as a medium of exchange, unit of account, or store of value, without being issued by a specific entity to fund a venture with an expectation of profit from that entity's efforts. The Central Bank of Tunisia (BCT) has, however, issued strong warnings against the use of these cryptocurrencies due to their unregulated nature, volatility, and risks (e.g., money laundering, terrorist financing).
General Warnings: The Central Bank of Tunisia (BCT) has repeatedly issued warnings to the public about the risks associated with investing in, transacting with, or holding cryptocurrencies like Bitcoin. These warnings typically highlight the lack of legal tender status, absence of regulatory oversight, high volatility, and risks of fraud, money laundering, and terrorist financing.
Central Bank of Tunisia (BCT) - Official Website: The BCT issues warnings and guidance regarding general cryptocurrency risks. Look for press releases or circulars concerning digital assets.
No Specific License: There is no specific licensing regime for stablecoin issuers in Tunisia.
Tunisian CBDC Exploration (e-Dinar Misconception): In 2019, there were reports about Tunisia launching a "digital Dinar" or "e-Dinar" in partnership with a Russian company (Waves). However, the Banque Centrale de Tunisie later clarified that these reports were largely inaccurate. The initiative was a study into tokenizing the Dinar, not the launch of a sovereign Central Bank Digital Currency (CBDC) issued by the BCT itself. The BCT has stated it is exploring the possibility of a CBDC, but no concrete plans or launch have materialized.
Banque Centrale de Tunisie (BCT) - Central Bank of Tunisia:
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