June 4, 2020 / 2:06 PM / a month ago

UPDATE 1-Tunisia to allow resident firms to borrow from abroad in foreign currencies

(Adds details)

TUNIS, June 4 (Reuters) - The Tunisian Central Bank said on Thursday it would allow locally based firms to borrow from abroad in foreign currencies as part of plans to help them weather the impact of the coronavirus pandemic.

The decision is aimed at helping firms to obtain financing and retain jobs.

Tunisia expects the economy to shrink by up to 4.3% this year, the steepest drop since independence in 1956.

The central bank in March allowed firms to postpone paying loans for six months. It also cut interest rates by 100 basis points to 6.75%, the first cut in nine years. (Reporting by Tarek Amara Editing by Gareth Jones and Nick Macfie)

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