Fitch ratings downgrades Egypt's currency debt - News - Dukascopy Bank

Fri, 30 Dec 2011 15:31:02 GMT
Source: Bloomberg
 
© Scanpix/AFP

Fitch ratings agency downgraded Egypt's long term currency debt amid drop in central bank foreign reserves and doubt about IMF support. Fitch cut the rating from BB to BB- with a pessimistic outlook.  The reserves of Egyptian central bank lost 44% in 2011 after the national bank attempted to maintain the domestic currency stable amid falling tourism and investment.  

 


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