CBT Relaunches Convergence Process with New Deadlines

The Central Bank of Tunisia (CBT) has relaunched its convergence process, aiming to complete the project by 2023. This move is part of the bank’s effort to implement international standards on banking supervision and reporting.

Key Objectives

Finalize the supervision project on a consolidated basis
Define prudential filters at the equity level
Launch IFRS macro impact study and micro impact study on IFRS 9
Complete Basel III compliance
Adopt IFRS standards

Phases of Convergence Process

The convergence process will be implemented in several phases, with key milestones including:

Finalization of the supervision project on a consolidated basis
Publication of a circular defining prudential filters
Launch of IFRS macro impact study and micro impact study on IFRS 9
Completion of Basel III compliance
Adoption of IFRS standards

Completed Tasks

The CBT has already completed some key tasks, including:

Adoption of IFRS 9
Introduction of a liquidity coverage ratio
Revision of requirements for market capital and operational risk frameworks

Deadlines

The CBT aims to complete the following tasks by:

2023: Finalize supervision project on a consolidated basis
2022 (Semester 1): Publication of circular defining prudential filters
2022 (Semester 2): Launch of IFRS macro impact study and micro impact study on IFRS 9

Impact on the Banking Sector

The relaunched convergence process is expected to have significant impacts on the Tunisian banking sector, including changes to equity levels and non-performing loans (NPL) coverage. The CBT’s efforts aim to promote financial stability and strengthen the country’s banking system.

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