{"id":25933,"date":"-0001-11-30T00:00:00","date_gmt":"-0001-11-29T23:19:16","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T23:00:00","slug":"La-baisse-du-taux-d-interet-lll","status":"publish","type":"post","link":"https:\/\/plumeseconomiques.com\/fr\/Dossier\/La-baisse-du-taux-d-interet-lll\/","title":{"rendered":"La baisse du taux d’int\u00e9r\u00eat !!!"},"content":{"rendered":"

\"interet\"  L<\/span>a r\u00e9duction du taux d’int\u00e9r\u00eat directeur, l’un des outils de la politique mon\u00e9taire de toute banque centrale, est consid\u00e9r\u00e9e, de l’avis de certains experts, comme n\u00e9cessaire, en cette p\u00e9riode, mais jug\u00e9e \u00ab\u00a0pr\u00e9matur\u00e9e\u00a0\u00bb par d’autres qui consid\u00e8rent qu’un tel abaissement doit \u00eatre pr\u00e9c\u00e9d\u00e9 par l’\u00e9laboration d’une strat\u00e9gie industrielle.<\/span><\/strong><\/p>\n

Selon M.Yassine Ben Ismail, expert \u00e9conomique et financier, \u00abapr\u00e8s une crise, le taux d’int\u00e9r\u00eat directeur, v\u00e9ritable barom\u00e8tre du co\u00fbt de cr\u00e9dit sur la somme qu’empruntent les banques aupr\u00e8s de la BCT, devrait avoisiner 1%, tout en ne d\u00e9passant pas les 2,5%, pour que l’\u00e9conomie tunisienne retrouve un rythme de croissance satisfaisant\u00bb.<\/span><\/strong><\/p>\n

Malgr\u00e9 une baisse \u00e0 deux reprises, apr\u00e8s la R\u00e9volution du 14 janvier 2011, du taux d’int\u00e9r\u00eat directeur afin de stabiliser les prix, le ramenant ainsi de 4,5% \u00e0 4% et ensuite \u00e0 3,5%, M.Ben Ismail qualifie cette baisse d’insuffisante.<\/span><\/p>\n

En th\u00e9orie, plus le taux de la banque centrale est bas, plus le co\u00fbt du cr\u00e9dit que les banques accordent \u00e0 leurs clients a des chances d’\u00eatre bon march\u00e9, favorisant par cons\u00e9quent la croissance.<\/span><\/p>\n

Pour M.Ben Ismail l’instauration d’un taux d’int\u00e9r\u00eat bas afin de stimuler les cr\u00e9dits \u00e0 l’investissement et non ceux destin\u00e9s \u00e0 la consommation, informe, indirectement, les investisseurs que la demande future sera forte.<\/span><\/p>\n

Et d’ajouter, dans ce cadre, que les strat\u00e9gies d’octroi des cr\u00e9dits d\u00e9pendent, normalement, du montant de l’\u00e9pargne d\u00e9pos\u00e9e par les agents \u00e9conomiques (entreprises, m\u00e9nages, administration), lequel doit \u00eatre sup\u00e9rieur ou \u00e9gal \u00e0 celui des cr\u00e9dits.<\/span><\/p>\n

Une telle information sur l’\u00e9pargne qui refl\u00e8te les choix intertemporels des acteurs \u00e9conomiques, incitera les investisseurs \u00e0 se mobiliser pour la constitution de leurs capitaux (am\u00e9nagement des locaux de production, <\/span>
achats d’\u00e9quipements\u0085) pour r\u00e9pondre \u00e0 une demande future \u00ab\u00a0plus rentable\u00a0\u00bb, a-t-il expliqu\u00e9.<\/span><\/p>\n

Selon M.Ben Ismail, une politique de baisse du taux d’int\u00e9r\u00eat r\u00e9ussie n\u00e9cessite une redistribution des revenus visant l’augmentation des salaires de la classe moyenne et une \u00e9l\u00e9vation du niveau du salaire minimum garanti tant dans le secteur industriel (SMIG), qu’agricole (SMAG), l’objectif \u00e9tant de stimuler le pouvoir d’achat.<\/span><\/p>\n

Mohamed Mabrouk, \u00e9conomiste, affirme, pour sa part, qu’il y a lieu de se focaliser, en cette p\u00e9riode, sur l’\u00e9laboration d’une strat\u00e9gie industrielle \u00e0 long terme dans le cadre de laquelle le gouvernement d\u00e9finirait les r\u00f4les respectifs des secteurs public et priv\u00e9.<\/span><\/p>\n

L’Etat est appel\u00e9, quant \u00e0 lui, \u00e0 soutenir les prix dans les secteurs strat\u00e9giques (agriculture, \u00e9nergie renouvelable..), afin d’augmenter la demande du consommateur, facteur de relance de la croissance.<\/span><\/p>\n

L’intervention par le biais du taux d’int\u00e9r\u00eat directeur, principal instrument de la politique mon\u00e9taire de la Banque Centrale de Tunisie(BCT), intervient, selon M.Mabrouk, dans une deuxi\u00e8me \u00e9tape, car une baisse de ce taux, dans les conditions actuelles du pays, pourrait aussi bien booster la croissance que la freiner.<\/span><\/p>\n

En effet, poursuit l’expert, une politique d’octroi des cr\u00e9dits ne peut pas se limiter uniquement \u00e0 l’attribution de cr\u00e9dits \u00e0 l’investissement, surtout sur un march\u00e9 comp\u00e9titif ou chaque banque cherche \u00e0 r\u00e9aliser le<\/span>
maximum de b\u00e9n\u00e9fices.<\/span><\/p>\n

\u00abUne telle politique mon\u00e9taire encouragera aussi bien les cr\u00e9dits \u00e0 la consommation que les cr\u00e9dits \u00e0 l’investissement, surtout que la strat\u00e9gie industrielle du pays demeure incertaine jusqu’\u00e0 l’heure \u00bb, a ajout\u00e9 M.Mabrouk.<\/span><\/p>\n

Revenant sur une baisse du taux d’int\u00e9r\u00eat visant l’incitation aux cr\u00e9dits \u00e0 l’investissement, M.Ben Ismail a expliqu\u00e9 qu’\u00e0 court terme, les prix des biens et services de consommation destin\u00e9s au consommateur final seront \u00e9lev\u00e9s car l’offre demeurera r\u00e9duite (investisseurs en phase de d\u00e9veloppement de leurs projets) par  rapport \u00e0 la consommation dont le rythme est maintenu.<\/span><\/p>\n

Concernant les prix des biens d’\u00e9quipement, seuls ceux largement demand\u00e9s par les investisseurs (machines, moyens de transport, produits semi-finis, mati\u00e8res premi\u00e8res, \u00e9nergies, services…), enregistreront une hausse.<\/span><\/p>\n

Face \u00e0 une diversit\u00e9 de l’offre, issue des nouveaux investissements, les prix des biens et services de  consommation enregistreront, \u00e0 long terme, une baisse sensible et \u00ab\u00a0une relance \u00e9conomique commencera \u00e0 voir le jour\u00a0\u00bb, a assur\u00e9 M.Ben Ismail. Toutefois, si la baisse du taux d’int\u00e9r\u00eat concerne toute forme de cr\u00e9dits (consommation, investissements), une augmentation du taux d’inflation s’installerait, suite \u00e0 une augmentation de la demande, estime M.Mabrouk.<\/span><\/p>\n

Cette inflation risque de se r\u00e9percuter ensuite sur le taux de r\u00e9mun\u00e9ration de l’\u00e9pargne dont la valeur sera d\u00e9truite. Dans ce cas, a-t-il dit, les \u00e9pargnants proc\u00e8deront au retrait de leur argent pour l’investir dans des<\/span>
investissements dits \u00ab\u00a0oisifs\u00a0\u00bb et non cr\u00e9ateurs d’emplois (achat de terrains, sp\u00e9culation…).<\/span><\/p>\n

Il a y lieu de rappeler que le gouvernement provisoire projette dans son programme d’action pour l’ann\u00e9e 2012, de maintenir \u00ables taux d’int\u00e9r\u00eat \u00e0 des niveaux bas\u00bb.<\/span><\/p>\n

L’objectif \u00e9tant de faciliter les conditions d’emprunt au profit des m\u00e9nages et des entreprises.<\/span><\/p>\n\n\n\n\n
\n

mensuel du march\u00e9 mon\u00e9taire (TMM)<\/span><\/strong><\/span><\/p>\n

(en %) <\/span><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n
\n
\n\n\n\n\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/td>\n<\/tr>\n
\n\n\n\n\n
\n
2002<\/span><\/div>\n<\/td>\n
\n
2003<\/span><\/div>\n<\/td>\n
\n
2004<\/span><\/div>\n<\/td>\n
\n
2005<\/span><\/div>\n<\/td>\n
\n
2006<\/span><\/div>\n<\/td>\n
\n
2007<\/span><\/div>\n<\/td>\n
\n
2008<\/span><\/div>\n<\/td>\n
\n
2009<\/span><\/div>\n<\/td>\n
\n
2010<\/span><\/div>\n<\/td>\n
\n
2011<\/span><\/div>\n<\/td>\n
\n
2012<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
 <\/p>\n
Janvier<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
F\u00e9vrier<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
Mars<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
Avril<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
Mai<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
Juin<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
Juillet<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
Ao\u00fbt<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
Septembre<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
Octobre<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
Novembre<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
D\u00e9cembre<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
 <\/p>\n
5,93750<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,90625<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,27000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,27000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,70000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,07000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,75000<\/span><\/div>\n<\/td>\n
 <\/p>\n
3,16000<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
5,93750<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,87500<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,25000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,31000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,47000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,08000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,65000<\/span><\/div>\n<\/td>\n
 <\/p>\n
3,42000<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
5,93750<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,81250<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,36000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,23000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,26000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,23000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,56000<\/span><\/div>\n<\/td>\n
 <\/p>\n
3,48000<\/span><\/div>\n<\/td>\n<\/tr>\n
 <\/p>\n
5,93750<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,50000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,24000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,22000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,30000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,12000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,39000<\/span><\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
 <\/p>\n
5,93750<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,50000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,26000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,22000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,23000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,36000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,51000<\/span><\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
 <\/p>\n
5,93750<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,31250<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,23000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,19000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,25000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,38000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,50000<\/span><\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
 <\/p>\n
5,96875<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,04000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,23000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,19000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,33000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,52000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,25000<\/span><\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
 <\/p>\n
5,96875<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,01000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,18000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,23000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,18000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,61000<\/span><\/div>\n<\/td>\n
 <\/p>\n
3,76000<\/span><\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
 <\/p>\n
5,90625<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,19000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,17000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,24000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,52000<\/span><\/div>\n<\/td>\n
 <\/p>\n
3,24000<\/span><\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
 <\/p>\n
5,90625<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,22000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,25000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,27000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,22000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,62000<\/span><\/div>\n<\/td>\n
 <\/p>\n
3,32000<\/span><\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
 <\/p>\n
5,90625<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,26000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,20000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,17000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,29000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,80000<\/span><\/div>\n<\/td>\n
 <\/p>\n
3,16000<\/span><\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
 <\/p>\n
5,90625<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,00000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,33000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,26000<\/span><\/div>\n<\/td>\n
 <\/p>\n
5,19000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,18000<\/span><\/div>\n<\/td>\n
 <\/p>\n
4,87000<\/span><\/div>\n<\/td>\n
 <\/p>\n
3,23000<\/span><\/div>\n<\/td>\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Evolution retrospective du taux moyen mensuel du march\u00e9 mon\u00e9taire (TMM) et du taux d’inflation<\/strong><\/span>
<\/span><\/div>\n
Sources: BCT et INS<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

La baisse du taux d’int\u00e9r\u00eat !!!<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[129],"tags":[],"class_list":{"0":"post-25933","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-Dossier"},"_links":{"self":[{"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/posts\/25933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/comments?post=25933"}],"version-history":[{"count":0,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/posts\/25933\/revisions"}],"wp:attachment":[{"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/media?parent=25933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/categories?post=25933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/tags?post=25933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}