2023-11-14 10:56:54
Fitch lowered the credit ratings of four Egyptian banks, including the country’s largest private bank, citing increased risks to external financing, macroeconomic stability, and the high government debt situation.
Late yesterday, Monday, Fitch downgraded the ratings of the National Bank of Egypt, Banque Misr, and Banque du Caire, which are government banks, as well as the private Commercial International Bank, to “B-” from “B” with a stable outlook.
On November 3, Fitch also lowered Egypt’s credit rating. Likewise, Moody’s and Standard & Poor’s lowered the credit ratings of Egypt and the four banks to a high-risk zone last month.
Egypt has been facing an increasing shortage of foreign currency for two years, and has kept the value of the pound stable once morest the dollar since March, despite the widening gap with the black market price.
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