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Tunisia’s foreign currency reserves rise to $8 billion

TUNISIA’S foreign currency reserves rose to $8 billion, or 130 days’ worth of imports, boosted by a rise in remittances from workers abroad and a $700 million loan from the Africa Export Import Bank, central bank figures showed.

Last week Tunisia’s reserves were equivalent to 115 days of imports.

Tourism revenues from the beginning of this year until April 10 also increased 48% compared with the same period last year, to reach 600 million dinars ($200 million).

Tunisia, which is experiencing a severe financial crisis, is hoping that remittances from workers abroad and the vital tourism sector will help prevent a collapse in the public finances.

The goverment expects to welcome 4.7 million tourists this year.

Tunisia’s remittances from workers abroad from the start of January up to April 10 rose 15% year-on-year to $630 million. Remittances in all of 2021 hit a record 7.5 billion Tunisian dinars.

By The African Mirror