Capital Markets

Although Tunisia’s financial market has maintained a pattern of significant growth in recent years, progress has taken place in the context of economic uncertainty and a need for structural reform. The stock market’s role in financing the economy is mod¬est when compared to that of the banking system, and the depreciation of the dinar has introduced a number of additional challenges. Despite its potential to be a reliable source of financing for small and medium-sized enterprises, Tunisia’s alternative market has so far fallen short of expectations. Efforts to attract new companies can be hindered by high returns on bank deposits, which discourages higher-risk investment alternatives like the stock exchange. However, as the economic recovery continues its upwards trend and various regulatory changes make their desired impact, the Tunis Stock Exchange is positioning itself to benefit over the medium term. This chapter contains interviews with Bilel Sahnoun, CEO, Tunis Stock Exchange; and Walid Saibi, General Manager, Tunisie Valeurs.