Obligation Tunisia 7.375% ( US066716AF82 ) en USD

Tunisia

100 % ▼

Tunisie

US066716AF82 ( en USD )

7.375% par an ( paiement semestriel )

25/04/2012 - Obligation échue

Prospectus brochure de l'obligation Tunisia US066716AF82 en USD 7.375%, échue

1 000 USD

650 000 000 USD

066716AF8

La Tunisie est un pays d'Afrique du Nord bordé par la Méditerranée, connu pour son histoire riche, sa culture diversifiée et ses paysages variés, allant des plages sablonneuses aux montagnes et aux déserts.

L'Obligation émise par Tunisia ( Tunisie ) , en USD, avec le code ISIN US066716AF82, paye un coupon de 7.375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 25/04/2012

PROSPECTUS SUPPLEMENT
(To prospectus dated November 23, 2001)
$650,000,000
Banque Centrale de Tunisie
7.375% Bonds due 2012
The Bonds will mature on April 25, 2012. The Bonds will not be redeemable prior to maturity and
will not be entitled to the benefit of any sinking fund.
Application has been made to list the Bonds on the Luxembourg Stock Exchange.
Per Bond
Total
Public offering price (1)
. . . . . . . . . . . . . . . . . . . . . .
98.697%
$641,530,500
Underwriting discount . . . . . . . . . . . . . . . . . . . . . . . .
.375%
$2,437,500
Proceeds, before expenses, to the Bank . . . . . . . . . . . . . .
98.322%
$639,093,000
(1) Plus accrued interest from April 25, 2002, if settlement occurs after that date
Neither the Securities and Exchange Commission or any state securities commission has approved
or disapproved these securities or determined if this prospectus supplement or the accompanying
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The Bonds are expected to be delivered in fully registered form on or about April 25, 2002 only
through the facilities of DTC and its participants including Euroclear and Clearstream.
Merrill Lynch & Co.
Credit Suisse First Boston
Deutsche Bank
Goldman Sachs International
JPMorgan
Salomon Smith Barney
UBS Warburg
The date of this prospectus supplement is April 19, 2002.

TABLE OF CONTENTS
Prospectus Supplement
Page
Page
------
------
Summary . . . . . . . . . . . . . . . . . .
S-3
Taxation . . . . . . . . . . . . . . . . . .
S-24
Use of Proceeds . . . . . . . . . . . . . .
S-5
Underwriting . . . . . . . . . . . . . . . .
S-25
Recent Developments . . . . . . . . . .
S-6
Validity of the Bonds
. . . . . . . . . .
S-27
Description of the Bonds . . . . . . . .
S-18
General Information
. . . . . . . . . .
S-28
Clearance and Settlement Procedures for
the Bonds . . . . . . . . . . . . . . . .
S-21
Prospectus
Page
Page
------
------
About this Prospectus . . . . . . . . . .
2
Public Debt . . . . . . . . . . . . . . . .
56
Forward-Looking Statements . . . . . .
2
Description of the Securities . . . . . .
71
Use of Proceeds . . . . . . . . . . . . . .
2
Enforcement of Civil Liabilities
. . . .
76
The Bank . . . . . . . . . . . . . . . . . .
3
Taxation . . . . . . . . . . . . . . . . . .
77
The Banking System
. . . . . . . . . .
16
Plan of Distribution . . . . . . . . . . . .
79
The Republic of Tunisia
. . . . . . . .
22
Official Statements . . . . . . . . . . . .
80
The Tunisian Economy . . . . . . . . . .
26
Validity of the Securities
. . . . . . . .
80
Foreign Trade and Balance of Payments
48
Authorized Representative. . . . . . . .
80
Public Finance
. . . . . . . . . . . . . .
55
Where you can find more information
80
ABOUT THIS PROSPECTUS SUPPLEMENT
You should rely only on the information contained or incorporated by reference in this prospectus
supplement and the accompanying prospectus, all of which should be read together. Banque Centrale de
Tunisie (``the Bank'') has not authorized anyone to provide you with information different from that
contained in this prospectus supplement and the accompanying prospectus. If anyone provides you with
different or inconsistent information, you should not rely on it. The Bank is offering to sell the Bonds and
seeking offers to buy the Bonds only in jurisdictions where offers and sales are permitted.
The Bank, having made all reasonable inquiries, confirms that this Prospectus Supplement and the
accompanying Prospectus contain all information with regard to the Bank, Tunisia and the Bonds which
is material in the context of the issue and offering of the Bonds, that the information contained in this
Prospectus Supplement and the accompanying Prospectus is true and correct in all material respects and
is not misleading, that the opinions, expectations and intentions of the Bank expressed herein are true
and honestly held and that there are no other facts the omission of which makes this Prospectus
Supplement and the accompanying Prospectus as a whole or any such information or the expression of
any such opinions or intentions misleading. The Bank accepts responsibility for the information
contained in this Prospectus Supplement and the accompanying Prospectus.
IN CONNECTION WITH THE ISSUE OF THE BONDS, MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED (OR ANY PERSON ACTING ON BEHALF OR MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED) MAY OVERALLOT OR EFFECT
TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE BONDS AT
A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL FOR A LIMITED
PERIOD AFTER THE CLOSING DATE. HOWEVER, THERE MAY BE NO OBLIGATION ON
MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED (OR ANY AGENT OF
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED) TO DO THIS. SUCH
STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME, AND MUST BE
BROUGHT TO AN END AFTER A LIMITED PERIOD.
S-2

SUMMARY
This summary highlights information contained elsewhere in this prospectus supplement and the
prospectus. It is not complete and may not contain all the information that you should consider before
investing in the Bonds. You should read the entire prospectus supplement and prospectus carefully.
Tunisia
Set forth below is a table presenting the principal economic indicators for Tunisia for each of the
past 5 years. For further information about Tunisia and the Bank, see ``Recent Developments'' in this
prospectus supplement and the more complete information in the prospectus.
1997
1998
1999
2000
2001
GDP at current market prices
(in TD millions) . . . . . . . . . .
20,898.3
22,560.8
24,671.5
26,685.3
28,778.8
% change . . . . . . . . . . . . . .
9.6%
8.0%
9.4%
8.2%
7.8%
GDP at constant (1990) prices
(in TD millions) . . . . . . . . . .
14,770.7
15,477.4
16,414.5
17,181.3
18,040.3
% change . . . . . . . . . . . . . .
5.4%
4.8%
6.1%
4.7%
5.0%
GNP per capita at current market
rates (in TD) . . . . . . . . . . . .
2,174
2,327.9
2,512.6
2,670.0
2,843.0
GNP per capita at constant (1990)
prices (in TD)
. . . . . . . . . .
1,522
1,578
1,669
1,719
1,782
% change . . . . . . . . . . . . . .
4.2%
3.1%
5.8%
3.0%
3.7%
Unemployment rate (% of labor
force) . . . . . . . . . . . . . . . .
15.7%
15.7%
15.8%
15.6%
15.0%
Consumer price index (% change)
3.7%
3.1%
2.7%
2.9%
1.9%
Balance of merchandise trade
(in TD millions) . . . . . . . . . .
(2,162)
(2,449)
(2,550)
(3,088)
(3,403)
Balance of invisibles1
(in TD millions) . . . . . . . . . .
1,586
1,709
2,001
2,122
2,244
Current account deficit
(in TD millions) . . . . . . . . . .
(655)
(769)
(535)
(1,126)
(1,208)
% of GDP
. . . . . . . . . . . .
(3.1%)
(3.4%)
(2.2%)
(4.2%)
(4.2%)
Overall balance of payments . .
373.0
(212.7)
818.0
(333.0)
374.0
Foreign currency reserves at end
of period (in TD millions) . . . .
2,281.8
2,058.5
2,746.9
2,532.0
2,809.7
Budget deficit2
(in TD millions) . . . . . . . . . .
(872.8)
(288.2)
(881.0)
(651.2)
(919.2)
% of GDP2 . . . . . . . . . . . .
(4.2%)
(1.3%)
(3.5%)
(2.4%)
(3.2%)
Total public debt
(in TD millions) . . . . . . . . . .
12,995
13,367
15,146
16,638
17,821
% of GDP
. . . . . . . . . . . .
62.2%
59.1%
61.3%
62.2%
61.9%
Source: Ministry of Economic Development and the Bank
1
Principally tourism receipts and, to a lesser extent, royalties from natural gas pipelines.
2
Including debt recoveries and debt repayments. See ``Public Finance'' in the accompanying prospectus.
S-3

The Offering
Issuer:
Banque Centrale de Tunisie
Aggregate Principal Amount:
$650,000,000
Issue Price:
98.697%, plus accrued interest, if any, from April 25, 2002.
Maturity Date:
April 25, 2012.
Form of Securities:
The Bank will issue the Bonds in fully registered book-entry form.
Denominations:
The Bank will issue the Bonds in denominations of $1,000 and
integral multiples thereof.
Interest:
The Bonds will bear interest from April 25, 2002 at the rate of
7.375% per year. The Bank will pay interest semi-annually in arrears
on April 25 and October 25 of each year, commencing on
October 25, 2002.
Redemption:
The Bank may not redeem the Bonds before maturity. At maturity,
the Bank will redeem the Bonds at par.
Status:
The Bonds will be direct, general, unconditional, unsecured and
unsubordinated external indebtedness of the Bank. The Bonds will
not be guaranteed by, and will not constitute an obligation of, the
Republic of Tunisia. The Bonds will rank equal in right of payment
with all of the present and future unsecured and unsubordinated
external indebtedness of the Bank.
Withholding Tax and Additional
The Bank will make all payments on the Bonds without withholding
Amounts:
or deducting any Tunisian taxes deemed applicable to the Bonds,
subject to certain specified exceptions. In the event the Bank is
required to make any deduction or withholding in respect of Tunisian
taxes, it will pay the holders the additional amounts required to
ensure that they receive the same amount as they would have
received
without
this
withholding
or
deduction.
For
more
information,
see
``Description
of
the
Bonds

Additional
Amounts'' on page S-19 of the prospectus supplement.
Fiscal Agent:
Deutsche Bank Trust Company Americas has been appointed as
Fiscal Agent and Registrar for the Bonds.
Governing Law:
The Bonds and the Fiscal Agency Agreement will be governed by
New York law.
S-4

USE OF PROCEEDS
The net proceeds of the sale of the Bonds will be approximately $638,748,000, after deduction of
underwriting discounts and commissions of $2,437,500, and of expenses payable by the Bank, after
payment of certain expenses by the underwriters, estimated at $345,000. The Bank will make the net
proceeds of the sale of the Bonds available to the Republic of Tunisia for general budgetary purposes.
S-5

RECENT DEVELOPMENTS
This section provides information that supplements the information about the Bank and the Republic
of Tunisia included under the headings corresponding to the headings below in the accompanying
prospectus. If the information in this section differs from the information in the accompanying prospectus,
you should rely on the information in this section.
The Bank
Managing Tunisia's Reserves
The Bank generally controls and manages Tunisia's gold and foreign currency reserves. At year end
2001, Tunisia's international reserves had grown to US$1,994.1 million from US$1,828.7 million at year
end 2000. At March 26, 2002, international reserves had declined to US$1,374.4 million, reflecting a
typical trend. During the first half of each fiscal year many Tunisian enterprises build up inventories. In
addition, Tunisia repaid external debt.
Overseeing Convertability of the Dinar and Exchange Rates
On December 31, 2001, the closing US dollar/Tunisian dinar rate of exchange as reported by the
Bank was TD 1.439 = US$1.00 and the closing Euro/Tunisian dinar rate of exchange as reported by
the Bank was TD 1.287 = Euro 1.00. On April 4, 2002, the closing US dollar/Tunisian dinar rate of
exchange as reported by the Bank was TD 1.477 = US$1.00 and the closing Euro/Tunisian dinar rate
of exchange as reported by the bank was TD 1.298 = Euro 1.00.
Formulating and Implementing Monetary and Credit Policy
M1 (which includes cash and checking accounts) grew 10.1% to TD 6,744 million during 2001. M2
(which includes M1 and all short term deposits) grew 10.3% to TD 16,051 million during 2001. The level
of M2 reflects the increase of certificates of deposit, whose minimum maturity were reduced from 3
months to 10 days and the reduction in the issuance of treasury bonds to retail buyers, which have been
converted into short term deposits.
Capitalization
The following table sets forth the capitalization of the Bank at December 31, 2001.
(in thousands
of TD)
Capital
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,000
Special reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28,817
Legal reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,000
Surplus carried forward. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
573
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38,390
Since December 31, 2001, there has been no material change to the capitalization of the Bank.
Financial Information
The format of the Bank's income statement has been revised in 2001 by including the amounts
previously included under the line items ``Profits from prior years'' and ``Exceptional profits'' under the
line item ``Other revenues'' and the amounts previously included under the line items ``Losses from prior
years'' and ``Exceptional losses'' under the line item ``Other expenses''. The income statement for the
year ended December 31, 2000 presented below has been revised accordingly. In addition, the social fund
allocation will be recorded in the year 2002 as part of the net surplus paid to the government. In prior
years it had been recorded on December 31 as an expenditure in such year.
S-6

Income Statement
Year ended December 31,
2000
2001
(in TD)
REVENUES
Interest on bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,729,340

Interest from money market operations . . . . . . . . . . . . . . . . . .
14,146,110
49,715,740
Interest from term investments in foreign currency. . . . . . . . . . . .
124,912,802
103,701,592
Other revenues from foreign currency transactions1
. . . . . . . . . .
67,028,979
64,241,443
Interest from placements with international organizations . . . . . . . .
2,139,120
4,573,226
Interest from funds advanced to the State
. . . . . . . . . . . . . . . .
269,094
254,094
Interest from overdraft accounts of banks and financial institutions . .
595,057
1,592,641
Other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,509,038
2,505,567
Foreign exchange adjustment account2
. . . . . . . . . . . . . . . . . .
73,171,751
92,848,471
Total revenues
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
289,501,291
319,432,774
EXPENDITURES
Administrative expenses
. . . . . . . . . . . . . . . . . . . . . . . . . .
36,893,000
38,204,000
Interest on money market operations. . . . . . . . . . . . . . . . . . . .
4,593,833
12,429
Interest paid on currency transactions
. . . . . . . . . . . . . . . . . .
12,909,636
12,071,152
Other expenses on currency transactions. . . . . . . . . . . . . . . . . .
46,500,756
1,153,460
Fees and commissions paid to international organizations3
. . . . . .
9,509,364
8,350,998
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
904,600
269,327
Depreciation of fixed assets
. . . . . . . . . . . . . . . . . . . . . . . .
1,685,098
1,696,341
Social fund allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,150,000

Provision allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,954,468

Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
117,100,755
61,757,707
Net surplus
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
172,400,536
257,675,067
1
Includes commission and other non-interest income from foreign currency operations as well as interest income from foreign
deposits other than term investments.
2
Foreign exchange gains or losses resulting from the execution of foreign currency transactions.
3
Represents annual membership obligations and other fees and commissions, excluding initial subscription obligations
recorded on the Balance Sheet.
S-7

Balance Sheet
Year ended December 31,
2000
2001
(in TD)
ASSETS
Gold reserves
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,408,975
4,411,406
Subscriptions to international organizations1
. . . . . . . . . . . . . .
2,371,793
2,371,793
Reserve Tranche position2 . . . . . . . . . . . . . . . . . . . . . . . . . .
34,440,330
36,543,075
SDR reserves3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,924,567
13,303,117
Foreign currency reserves . . . . . . . . . . . . . . . . . . . . . . . . . .
2,481,232,143
2,855,114,127
Special account for economic cooperation4 . . . . . . . . . . . . . . . .
298,972,061
306,688,834
Current account of the Postal Service5
. . . . . . . . . . . . . . . . . .
4,999,481
4,996,338
Discounted bills and checks in collection on behalf of the State . . . .
97,565,814
112,536,084
Bills for collection from the State6
. . . . . . . . . . . . . . . . . . . .
20,752,233
30,246,572
Money market advances7 . . . . . . . . . . . . . . . . . . . . . . . . . .
449,000,000
854,200,000
Purchased bank credits8
. . . . . . . . . . . . . . . . . . . . . . . . . .
645,789,333
565,065,667
Permanent advance to the State . . . . . . . . . . . . . . . . . . . . . .
25,000,000
25,000,000
Repayable advance to the State . . . . . . . . . . . . . . . . . . . . . .
4,553,125
4,053,125
Advance to the State for IMF and AMF subscriptions. . . . . . . . . .
503,233,712
533,154,612
Equity holdings9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24,884,698
25,760,891
Fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11,039,304
10,594,896
Other debtors10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20,958,345
22,071,356
Temporary accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27,638,011
22,097,879
4,668,763,925
5,428,209,772
1
Excluding IMF and AMF subscriptions.
2
Foreign exchange deposits representing the unused portion of the SDRs made available to the Bank by the IMF.
3
Undrawn balance of SDRs made available by the IMF to Tunisia. See ``Functions of the Bank''.
4
Loans by the Bank, as intermediary on behalf of the State in connection with economic and technical cooperation programs
5
Deposit with the Postal Service constituting an advance to the State in connection with the operation of postal checking centers.
6
Obligations of the State presented to the Bank for collection. Counterpart to ``Deposits of bills for collection'' under ``Liabilities, Capital and
Surplus''.
7
Reflects the Bank's intervention in the money market to provide liquidity.
8
Bank credits incurred by the Office des Ce´re´ales and the Office National de l'Huile to finance government arrears with respect to food
subsidies, purchased by the Bank at the end of 1996.
9
Consists of the Bank's equity interest in the Union Tunisienne de Banques, the Programme de Financement du Commerce Inter-Arabe and
the Banque Africaine d'Import-Export. See ``The Republic of Tunisia International Relations'' in the accompanying prospectus.
10
Includes interest payable by the Union Internationale des Banques deferred pursuant to the terms of the 1992 special advance. All deferred
interest accrued in respect of this advance was fully paid as of December 31, 1999.
S-8

Balance Sheet
Year ended December 31,
2000
2001
(in TD)
LIABILITIES, CAPITAL AND SURPLUS
Notes and coins in circulation . . . . . . . . . . . . . . . . . . . . . . . .
2,379,599,918
2,526,741,689
Current accounts of banks and financial institutions
. . . . . . . . . .
53,285,361
325,558,182
Current accounts of the government . . . . . . . . . . . . . . . . . . . .
370,542,423
583,160,558
Allocation of SDRs1
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
62,602,916
62,828,166
Other liabilities2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,027,028,649
1,075,188,019
Deposits of bills for collection3
. . . . . . . . . . . . . . . . . . . . . .
21,682,978
30,246,572
Special account for economic cooperation4 . . . . . . . . . . . . . . . .
317,351,991
319,863,082
Provisions5
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22,977,762
22,977,762
Special reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21,816,905
28,816,905
Legal reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,000,000
3,000,000
Surplus carried forward6
. . . . . . . . . . . . . . . . . . . . . . . . . .
572,669
973,205
Capital
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,000,000
6,000,000
Other creditors7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64,457,892
97,707,991
Temporary accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
145,443,925
87,472,574
Net surplus8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
172,400,536
257,675,067
4,668,763,925
5,428,209,772
1
SDRs made available by the IMF to Tunisia which have been drawn down and are repayable by the Bank. See ``Functions of the Bank
Managing Tunisia's Reserves'' in the accompanying prospectus.
2
Various deposits and accounts, including those of the Bank's employees, dinar-denominated IMF and AMF accounts and the Bank's account
for borrowings effected on the money market.
3
Represents the counterpart to ``Bills for collection from the State''. Discrepancies between the two items represent bills held but not yet
collected at year end.
4
Represents amounts drawn by the Bank, as intermediary on behalf of the State, pursuant to economic and technical cooperation agreements
between Tunisia and certain countries.
5
Amounts provisioned for the construction of new branches of the Bank and with respect to currency risk incurred by the Bank.
6
Portion of prior year's surplus retained and not paid to the Treasury as a dividend.
7
Includes a counterpart to the interest payable by the Union Internationale des Banques deferred pursuant to the terms of the 1992 special
advance and recorded as an asset under ``Other debtors''. All deferred interest accrued in respect of this advance was fully paid as of
December 31, 1999.
8
Income statement amount representing excess of total annual revenues over total annual expenditures. The Board of Directors of the Bank
decides annually how much of the net surplus at the preceding year-end to appropriate for the Tunisian Treasury, with the balance, if any, paid
into the Bank's carry-forward account for the current year.
S-9

Off balance sheet obligations
Year ended December 31,
2000
2001
(in TD)
(unaudited)
Bond1 and other credits
Yankee bonds
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,198,198,225
1,262,365,781
Japanese yen bonds I, II, III, IV, V and VI and Global Samarai and
Global Yen2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,178,127,922
2,885,911,038
Euro bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
506,480,625
508,784,062
Other credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
664,830,793
607,110,524
Exchange risk coverage
Caisse Franc¸aise de De´veloppement credit lines
. . . . . . . . . .

Credits managed for Tunisian bank and financial establishments . .

Interest rate and currency swaps
Interest rate swaps (relating to loans by two Tunisian development
banks) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81,922,167
86,309,375
Currency swaps (relating to Japanese yen bonds I, II and III)
. .

Forward exchange transactions
. . . . . . . . . . . . . . . . . . . .

Total off-balance sheet items . . . . . . . . . . . . . . . . . . . . . .
4,629,559,732
5,350,480,780
1
Includes principal and interest amounts until final maturity.
2
Japanese yen bonds II and III were repaid in 2000. On August 2, 2000, the Bank issued two bonds denominated in Japanese yen: JPY
35,000,000,000 3.3% Bonds due 2010 and JPY 15,000,000,000 4.3% Bonds due 2030, and on March 17, 2001 the Bank issued JPY 20,000,000,000
4.2% Bonds due 2031 and on March 28, 2001 the Bank issued JPY 35,000,000,000 2.27% Bonds due 2006.
Source: Ministry of Economic Development
Auditor's Report
Auditor's Statement on the Accounts of the Bank for the Fiscal Year 2001
Submitted to the Minister of Finance
Mr Minister
In fulfillment of the legal prescription and in accordance with the mission with which you have
entrusted me, it is my honor to inform you that I have verified the accounts of the Central Bank of
Tunisia drawn up as of December 31, 2001.
As is provided for by law, I made a series of verification and random checks to satisfy myself that
the balance-sheet, the profits and losses accounts and the table of distribution of the income for the fiscal
year agree with the entries on the books of the Central Bank of Tunisia, and with the legal prescriptions.
This verification has enabled me to note that the operations were in order, and in perfect
compliance with statutory rules.
The balance-sheet and the profits and losses accounts attached may be considered to provide an
accurate reflection of the situation of the Central Bank of Tunisia as of December 31, 2001.
The Auditor
Mohsen Taleb
S-10