Tunisia ministry of industry, energy


Financial system and access to financial services



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1.3. Financial system and access to financial services.





24. As in most emerging economies from the MENA region, the financial sector is important within the Tunisian economy. With a ratio of money and quasi-money to GDP of 61 percent in 2008, the Tunisian financial system is relatively developed (Chart 3). With such a ratio, Tunisia is close to the average for the MENA region (about 62 percent) and above what is observed in Europe and Central Asia (40.6 percent). However, the country is still far below the level of financial intermediation observed in countries such as Egypt, Morocco, Jordan, China or even Lebanon.
25. The importance, the depth, of the financial system also appears in terms of share of deposits and loans in the GDP. As show in the top two graphs of Chart 4, the ratio of deposit and loans to GDP is respectively at around 55 et 70 percent, a level which is higher than what is predicted by its GDP per capita. However and again, when compared to countries like Lebanon, Jordan, Morocco or Egypt, the financial sector is of a smaller size21.

Chart 3. M2 to GDP ratio in 2008 (Pct.)

Source: DDP Database, World Bank, updated October. 2009.


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