Fitch ratings downgrades Egypt's currency debt

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Source: Bloomberg

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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