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Tunisian president calls on banks to reduce interest rates

EconomyJul 31, 2021 12:40PM ET
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© Reuters. FILE PHOTO: Tunisian President Kais Saied takes the oath of office in Tunis, Tunisia, October 23, 2019. REUTERS/Zoubeir Souissi/File Photo

TUNIS (Reuters) - Tunisian President Kais Saied called on banks on Saturday to reduce interest rates, saying the measure was needed to help improve social and economic conditions in the country.

Saied invoked emergency powers on Sunday to seize control of government, remove the prime minister and freeze parliament. His foes have called it a coup, an accusation he has denied..

On Saturday, he said corrupt people had left the country on the verge of bankruptcy, adding in a meeting with the Banks Association, "I urge you to stand with the Tunisian people by lowering interest rates as much as possible‮"‬.

"We are able to face all challenges, with our capabilities, with help of our friends, but let us rely above all on ourselves, and we can achieve results that many people do not imagine," Saied added.

Tunisia, which has seen its debt burden rise and economy shrink by 8.8% last year in real terms, has started talks with the International Monetary Fund to seek a financial assistance package.

Tunisian president calls on banks to reduce interest rates
 

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Comments (3)
Chijioke Emmanuel
Chijioke Emmanuel Jul 31, 2021 3:04PM ET
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that's Good 💯
phumlani Bophela
phumlani Bophela Jul 31, 2021 2:03PM ET
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To do so, Repo Rate must also meet banks needs
Stan Smith
Stan Smith Jul 31, 2021 1:58PM ET
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oh oh...planting the seeds for negative rates? We all know they can't raise rates
 
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