BCT decides new form of exceptional financing for companies and professionals
28/05/2020 18:17, TUNIS/Tunisia

(TAP)- Banks are authorised, under a circular issued by the Central Bank of Tunisia (BCT) on May 28 to grant companies and professionals new exceptional funding covering exclusively the justified needs related to the financing of the operating cycle.

The objective of this decision, which is part of the continued support of the economy and to enable the banking sector to better support companies and cover their exceptional needs, is to ensure the sustainability of the economic fabric and preserve financial stability, the BCT said in a statement.

The amount of exceptional financing and the repayment period will be fixed on a case-by-case basis according to the customer's needs and the evolution of the situation in the sector in which it operates while respecting the rules cited by the BCT, it was specified.

According to these rules, the amount of financing must not exceed the ceiling of 25% of the turnover (excluding taxes) achieved in 2019 or the equivalent of the wage bill for 6 months for companies starting up after January 2019. The repayment period must not exceed 7 years, including two years of grace.

Exceptional financing granted during the period from March 1, 2020 to December 31, 2020 and which is granted to customers classified 0, 1, 2 and 3 at the end of December 2019, will be admitted as collateral for banks' money market refinancing operations by applying a progressive discount according to the classification, the BCT specified.

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