As a result, the dinar remained almost unchanged against the euro. By preserving exchange rate stability, we prevented the spillover of rising import prices of food and energy to other prices from being compounded by the effects of dinar depreciation, which was the case in previous episodes of robust growth in these prices.
The robustness of the country’s external position is anchored by our large GIR and secondary buffers such as sustained foreign direct investments, remittances and BPO receipts, along with investment grade-rating that guarantees ready market access for any equity and debt financing requirement. Meanwhile, the peso continues to flexibly reflect the day-to-day market operations.