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The objective of this paper is to assess the impact that the continuous depreciation of Tunisia's currency since the beginning of the reforms has had on the net external agricultural balance. In other words, are the exchange rate policies followed by Tunisia helping or hurting Tunisia's objectives for the agricultural sector? Results suggest that the continuous depreciation of Tunisia's exchange rate led in the long-run to a decline in the external net agricultural position of Tunisia, potentially jeopardizing the objectives of self-sufficiency, food security and higher production of agricultural products where the country had a competitive advantage.