Former World Bank official and economics professor Marouane El Abassi, who was confirmed by Tunisia’s parliament as the new central bank governor on Thursday, promised “extraordinary measures” to salvage the tumbling dinar and lift the country’s economy. “I do not believe that there is a crisis that cannot be solved,” Abassi told lawmakers before the vote on his nomination. “But the current period is an extraordinary period that needs to be dealt with through extraordinary measures. We must finish with traditional solutions.” Abassi takes over at a time when Tunisia faces deep economic challenges including rising deficits and inflation, a fall in the value of the Tunisian dinar and persistently high unemployment. Out of 157 members of parliament present, 134 voted to approve Abassi. He replaces Chedli Ayari who had led the central bank since 2012 and resigned on Wednesday, reluctantly acceding to a request from Prime Minister Youssef Chahed. Ayaris critics hold him responsible for the fall in the dinar’s value and the decline in the central banks foreign reserves, which have reached their lowest level in over 20 years. Tunisia’s economic indicators were “frightening”, Abassi told parliament. “The priorities will be the worrying inflation rates that could reach 10 percent if we don’t react, the growing trade deficit and the current account deficit,” he said. “Another priority is the fight against the parallel market to support the Tunisian currency.”
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