Protest against the new budget law and price hikes marching towards the governorship building in Tunis, Tunisia on January 12, 2018. Picture by Fauque Nicolas/Images de Tunisie/ABACA/ABACA/PA Images. All rights reserved.The dismissal of the governor of the central bank of Tunisia, the Banque de Tunisie, on 18 February was long overdue. It marks an important date in the history of a country trying to put down democratic roots in the face of mounting economic and political challenges. Chedly Ayari, who was 84 was not noted for his competence. He was replaced by Marouane El Abassi, a respected economist, whose integrity is unquestioned and has held senior jobs in Tunisia and the World Bank. The choice of El Abassi was made by the Prime minister, Youssef Chahed and supported by the president, Beji Caid Essebsi. It was endorsed by more than two thirds of the deputies, as required under the country’s new constitution.
The autonomy of a key pillar of democracy had been gravely compromised by the dismissal of Mustafa Nabli, a man of integrity, who ran the Central Bank from the fall of Ben Ali in January 2011 to July 2012 when he was sacked by president Moncef Marzouki. The decision on 7 February by the European Parliament to include Tunisia in the list of countries most at risk from money laundering and terrorist financing was a warning to Tunisia to tighten its regulatory regime. Failures in the oversight over various financial transactions which can be exploited by individuals and groups to fund terrorist organisations operating in North Africa cannot continue unchecked. Marouane El Abassi has his work cut out for himself.
The economic difficulties Tunisia faces today hardly come as a surprise. It requires great political skills to navigate the treacherous waters of transition towards democracy in a country beset by political infighting, rising inflation and indebtedness in a region troubled by turmoil in Libya, one of Tunisia’s main trading partners and incubator of jihadi terrorism. Tunisian leaders showed determination in tackling the threat of terrorism after the attacks on the National Bardo Museum and the beach resort of Sousse three years ago. They were helped by leading European countries, and the US. Algeria has stood firm by its smaller neighbour’s side since the fall of Ben Ali in 2011. Today the risk of terrorist attacks is much reduced and tourists are returning to the beaches of Hammamet and Monastir.
