Foreign exchange reform reaches Parliament as businesses press for a wider opening
A bill in parliament would replace the exchange code that has governed how money moves in and out of the country for half a century. Here is what it would change, why it is happening now, and what comes next.
The reform of the Code des changes has moved into a decisive parliamentary phase, with the Finance and Budget Committee examining proposed Law No. 115 of 2025 and holding hearings with the main economic organisations concerned by the text.
The file, long discussed by bankers, exporters, lawyers and investors, has become one of the most closely watched economic reforms of the year. At issue is the legal framework that governs how residents, companies, banks and investors deal with foreign currency, almost five decades after the current system was built around Law No. 76 18 of January 21, 1976.
The ARP file shows that the proposed law was deposited on October 20, 2025 and referred on January 29, 2026. Since then, the Finance and Budget Committee has accelerated hearings with public institutions and private sector representatives, including UTICA, the Council of Mixed Chambers and CONECT.
The committee heard UTICA on April 30 on the impact of the reform on the investment climate and the competitiveness of Tunisian companies. The Council of Mixed Chambers was heard on May 14 and called for a more flexible regime adapted to international investment, the digital economy and new forms of business. CONECT was scheduled before the committee on June 1 to present its own position on the draft.
The debate is no longer about whether the Code des changes should be revised. That point is widely accepted across the business community and Parliament. The question now is how far the new text should go in easing foreign exchange restrictions, and how much room the BCT and financial authorities should retain to control capital flows and protect reserves.
The current code was designed for a more closed economy. It regulates foreign exchange and external trade relations, including the conditions under which residents may hold, declare, transfer or use foreign currency. For decades, the system has been based on authorisation, documentation and control.
Business organisations say that framework has become too restrictive for an economy trying to attract investment, export services and integrate into global digital markets. Their proposals focus on several recurring points: exchange residency, foreign currency accounts, sanctions, payment channels, investment procedures and the ability of companies to operate across borders with clearer rules.
Exchange residency is one of the most sensitive areas. Under the existing system, the distinction between resident and non resident affects what individuals and companies can do with foreign currency. Supporters of reform say those categories no longer fit the reality of diaspora investors, offshore companies, foreign executives, digital workers and Tunisian firms that earn income abroad.
Foreign currency accounts are another central issue. The 2026 Finance Law introduced the possibility for Tunisian residents to open foreign currency or convertible dinar accounts without prior authorisation from the BCT. Business circles have welcomed the step, but are waiting to see how the broader code will define the use of those accounts, the source of funds, transfer conditions and bank documentation.
Digital payments have also become part of the debate. PayPal is often mentioned publicly, but the issue goes beyond one platform. Freelancers, startups and service exporters need reliable ways to receive small international payments, pay for online tools and connect to foreign clients. When formal channels are too slow or uncertain, part of that activity remains informal or is registered outside the country.
Sanctions are another area under discussion. Private sector representatives have called for a clearer distinction between deliberate exchange offences and administrative mistakes. The demand is for a more proportionate regime that protects the state against illicit transfers without discouraging compliant companies from using formal channels.
The Ministry of Finance first presented the broad reform axes in 2024, under then finance minister Sihem Boughdiri. The proposed changes included revising exchange residency, liberalising some transfers, authorising certain transactions involving crypto assets, developing manual exchange operations, creating approved exchange operators and revising penalties.
The pressure from businesses comes as the authorities continue to manage a restricted currency and limited external buffers. The dinar remains non convertible, and foreign exchange policy is closely tied to reserves, import cover, external debt payments and confidence in the banking system. That is why the reform has been framed as a gradual opening rather than a full liberalisation.
Recent parliamentary discussions have also taken place against the background of wider economic pressure. The Finance Committee has examined the impact of international conditions on the country’s economic balances, including the possibility of a supplementary finance law for 2026. In that context, the Code des changes has been treated as part of a broader economic reform package rather than a stand alone technical law.
The next step is for the Finance and Budget Committee to complete hearings, review possible amendments and settle the version that will be sent to plenary. Some reporting suggests that Parliament wants to move toward a vote before the summer recess, although the final timing will depend on committee work and political agreement around the text.
Even if adopted, the law will only be the first stage. The practical impact will depend on the BCT, the Ministry of Finance, customs and commercial banks. Circulars, procedures and bank compliance rules will decide whether the new code changes daily practice for companies and individuals.
For businesses, the test will be simple: whether a company can receive foreign income, keep part of it, use it for legitimate expenses abroad and remain compliant without weeks of uncertainty. For the state, the test will be whether wider access to foreign currency can support investment and exports without increasing pressure on reserves.
The Code des changes began as a protective framework for a country managing scarce foreign currency. The reform now before Parliament is an attempt to redraw that protection for an economy that needs more exports, more investment and more formal channels for money entering the country.
The hardest part will be the balance: easier rules where foreign currency is earned, invested or formalised; tighter control where it leaves the country without productive value.