Improving financial information has become a prerequisite to enhancing the competitiveness of the national economy and the financial market amid the new challenges facing economies all over the world. This is what emerged from a debate with the financial centre on the theme "Quality of Information: Challenges for Companies, Necessity for Investors" held by the Financial Market Council (French: CMF) on Wednesday in Tunis. During this debate held within the framework of the 21st Annual Session of the Francophone Institute of Financial Regulation (IFREFI) which takes place from May 31 to June 2, in Tunis, Governor of the Central Bank of Tunisia Marouane El Abassi said "today, regulators are facing three major challenges which impact investors' behavior." 'They are economic and geopolitical challenges related to the repercussions of the Russian-Ukrainian conflict which exposed financial players to the exacerbation of economic uncertainty, the increase in the price of foodstuffs and fuel jeopardizing food security and energy, higher inflation and rising interest rates. There are also technological challenges related to the revolution triggered by Artificial Intelligence. Finally, there are climate challenges which directly impact financial players who must take them into account without further delay, while trying to overcome the gaps in terms of reliable, comparable and prospective data on the issue of climate risk.' These challenges highlight the increased importance of the availability, quality and authenticity of information, which is key to risk coverage and consolidating trust between companies and investors in the markets and regulatory authorities.' Faced with these challenges, the BCT chose as the slogan for its new strategic plan 2023-2025 "To be a Credible, Resilient and Innovative Central Bank, at the Forefront of Financial, Inclusive and Sustainable Transformations." It has also set itself the target of being fully compliant with Basel Standards and IFRS by 2023. Chairman of the Financial Market Council Salah Essayel pointed out that "financial markets are currently facing major challenges such as the energy transition, the digitisation of financial services, the fight against money laundering and funding of terrorism". Amid these challenges, 'transparency becomes crucial for the company, whatever its size. Yet, a balance should be maintained between confidentiality and transparency.'
Source: EN - Agence Tunis Afrique Presse