Tunisia's foreign reserves hit 16-year low

Tunisia's foreign currency reserves dropped to a 16-year low after protests put a halt to phosphate exports, providing an early test for its new Central Bank governor who has pledged "extraordinary measures" to revive the country's economy. Reserves fell to 11.569 billion dinars ($4.82 billion) by February 23, enough to cover 82 days of imports, compared with 13.702 billion dinars or 116 days in the same period last year, the central bank said on Friday. production of phosphate, a major source of foreign currency earnings, has been completely halted for the past month due to protests by young Tunisians, who have blocked mine entrances to demand work after they failed to get hired during a recruitment campaign.
Analysts say the fall of foreign currency reserves potentially threatens debt payments and food and energy imports. Tunisia's trade deficit widened in December 2017 to a record $6.25 billion.