On September 19, 1958, Tunisia's Central Bank was founded, with Mansour Moalla playing a crucial role in its creation. Moalla, who was recruited by Finance Minister Hédi Nouira, was tasked with organizing the transfer of monetary emission privileges from the Banque de l'Algérie et de la Tunisie (BAT). The BAT, under French control, had previously held the monopoly on currency issuance in Tunisia. Moalla's efforts were instrumental in establishing the bank and introducing the Tunisian dinar.
Moalla's involvement with the Central Bank began in September 1957, when he returned to Tunisia and offered his services to Nouira. At the time, Nouira was a prominent figure in the country's moderate and liberal national movement. Moalla had previously been impressed by Nouira's leadership and writing style, which he had followed during his time as a high school student. As a member of the Inspection des Finances, Moalla was tasked with examining the financial affairs of various companies, including the Compagnie Tunisienne d'Electricité et du Transport (CTET).
One of Moalla's early tasks was to review the CTET's request for a substantial subsidy of 500 million French francs. The company's claim of a deficit was disputed by Moalla, who believed that the details of their financial accounts were needed to understand the reasons behind the deficit. His skepticism ultimately led to the departure of Roland-Billecart, an Inspector of Finances who had given a favorable opinion on the subsidy.
The establishment of the Central Bank was a significant step towards achieving Tunisia's economic independence. The country's nominal independence in 1956 had not yet translated into full sovereignty, particularly in the monetary sector. The BAT, a commercial bank, held the privilege of issuing currency, which limited Tunisia's control over its economic affairs. Moalla's efforts to recover this privilege and establish a Tunisian banking system were crucial in affirming the country's autonomy.
The introduction of the Tunisian dinar marked a significant milestone in the country's economic history. The new currency replaced the franc tunisien, which had been issued by the BAT. The Central Bank's establishment also led to the formation of a new banking system, with the Société Tunisienne de Banque being established to take over the activities of a failed French bank.
In the early years of its operation, the Central Bank faced several challenges, including the decision not to follow the devaluation of the French franc in 1958. This decision contributed to Tunisia's economic autonomy and sovereignty. The bank also had to negotiate with French authorities, including Governor Jean Watteau, to secure its position as the issuer of the national currency.
Today, the Central Bank of Tunisia plays a critical role in maintaining the country's economic stability. Its establishment 68 years ago marked a significant step towards achieving economic independence and sovereignty. The bank's history and development serve as a testament to the country's progress and its continued efforts to maintain control over its economic affairs.
Key points
- The Central Bank of Tunisia was established on September 19, 1958, marking a significant milestone in the country's economic history.
- Mansour Moalla played a crucial role in the creation of the Central Bank and the introduction of the Tunisian dinar.
- The establishment of the Central Bank was a significant step towards achieving Tunisia's economic independence and sovereignty.
