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Tunisia Central Bank Raises Key Rate by 75 Bps to Curb Inflation 

Women walk along a market in Tunis, Tunisia, February 1, 2022. Picture taken February 1, 2022. (Reuters)
Women walk along a market in Tunis, Tunisia, February 1, 2022. Picture taken February 1, 2022. (Reuters)
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Tunisia Central Bank Raises Key Rate by 75 Bps to Curb Inflation 

Women walk along a market in Tunis, Tunisia, February 1, 2022. Picture taken February 1, 2022. (Reuters)
Women walk along a market in Tunis, Tunisia, February 1, 2022. Picture taken February 1, 2022. (Reuters)

Tunisia’s central bank on Friday raised its key interest rate by 75 basis points to 8% from 7.25% to combat high inflation, the bank said, marking the third hike this year. 

Tunisia's inflation rate jumped to a record 9.8% in November from 9.2% in October. 

"Through this action, the Central Bank aims to help curb the upward trend in inflation," the bank said in a statement. 

The last interest rate hike was in October when the central bank raised it by 25 basis points to 7.25%. 

The bank also decided on Friday to raise the minimum interest rate on savings to 7.0%. 

The current deficit widened to -7.8% of GDP at the end of November 2022, against -5.3% in the same period last year. 

The bank said it is deeply concerned by the risks surrounding Tunisia's monetary and financial balances, and underlines the need to guarantee external financing. 

The trade deficit is expected to be more than 25 billion dinars ($7.99 billion) for the whole of 2022, a record level that compares with 16.2 billion in 2021. 

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Saudi Arabia Seeks to Protect Bank Accounts by Monitoring New Methods of Financial Fraud

The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)
The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)
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Saudi Arabia Seeks to Protect Bank Accounts by Monitoring New Methods of Financial Fraud

The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)
The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)

In light of the rapid technical developments the world is witnessing, especially after the Covid-19 pandemic, the Kingdom has been able to safely provide a large number of electronic services, through an integrated system between various government and private agencies.
However, this remarkable development was accompanied by the emergence of new methods of financial fraud, pushing the Saudi Central Bank to put in place counter measures to reduce the new risks.
SAMA talked to Asharq Al-Awsat about its endeavor to constantly develop electronic financial transactions, enhance innovation, and provide customers with easy and safe services, in accordance with best international practices.
The world has recently seen a spread of fraudulent operations using social engineering and exploiting the lack of awareness among individuals to obtain confidential data.
Therefore, SAMA, through periodic follow-up and studies of fraudulent methods, embarked on developing and strengthening controls and instructions that contribute to reducing these risks. The bank has resorted to biometric features to open bank accounts and electronic wallets remotely.
SAMA is also documenting the devices used in accessing electronic banking services for the first time via an online authentication request. Another measure is sending text messages asking for a one-time verification code to the SIM card registered in the customer’s name to complete the electronic financial transaction.
Moreover, SAMA is applying regulatory systems to combat financial fraud using artificial intelligence, as well as developing a special informative guide that is based on three main pillars: prevention, treatment, and response.
The Saudi Central Bank has also launched awareness campaigns and periodic programs to raise the level of awareness among individuals about the dangers of financial fraud and the importance of data protection.
The bank developed a specialized training program in cooperation with the University of Cambridge, with the aim to form national cadres in the field of combating financial fraud.

Caption: The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)