Tunisia increases 2012 budget for solid economic expansion

Bank exchange rates are you being ripped off by your bank

Potential investors may have pricked up their ears to the sound of the expanding Tunisian budget recently.

The Tunisian government has announced a 7.5% rise in the annual state spending and predicts solid economic expansion for the country over the next 12 months.

Their 2012 budget will be 22.935 billion dinars (US$ 15.817 billion), compared to last year’s budget of 21.33 billion dinars.

The budget includes a forecast for the economic expansion of 4.5% in 2012, which is a significant hike on estimated growth of 0.2% for 2011.

The 2012 Tunisian budget includes 5.2 billion dinars set aside for development spending, compared with 13.5 billion last year.

Tunisia has experienced a turbulent year following the Arab Spring revolts in January 2011, when veteran leader Zine al-Abine Ben Ali was forced to leave.

Protests and strikes erupted following the revolution, forcing some small businesses to suspend operations. Foreign tourists were scared away, taking with them a large chunk of potential revenue for the country.

A new coalition government has since formed with a moderate Islamist party at the heart. The party’s leaders have promised to bring about liberal and business-friendly economic policies.

As Tunisia rebuilds its economic structure after political unrest, investors may begin to consider the country as a new venture opening up with new possibilities. The Tunisian economy relies heavily on tourism, mining, agriculture manufacturing and exports to the EU. Foreign exchange is a significant source of revenue for the country.

Transfer money to Tunisia

If you are looking to invest in Tunisia, think carefully about how you will be transferring money to Tunisia. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Tunisia, which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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Tunisia increases 2012 budget for solid economic expansion

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