News

S&P Upgrades Egypt’s Sovereign Credit Rating To B From B-

S&P Upgrades Egypt’s Sovereign Credit Rating To B From B-

FILE PHOTO: The Standard and Poor’s building in New York, August 2, 2011. REUTERS/Brendan McDermid

Egypt’s sovereign credit rating was raised from (B-) to (B) by international rating agency Standard and Poor’s (S&P) on Friday. The one notch changed the status of Egypt’s rating from stable to positive.

In a report, S&P said that Egypt’s long-term rating was lifted to B, and the floatation measure reduced the external imbalances and led to higher foreign reserves, according to Bloomberg, adding that the inflation has started to moderate.

In May 2017, the governor of Central Bank of Egypt (CBE) Tarek Amer announced that the Gross Domestic Product (GDP) has jumped to high rates in 2017 in comparison with 2016, promising that prices will see a significant fall in 2018.

This year, the inflation rates have dropped to its lowest since the flotation of the Egyptian pound in 2016, while it had struck a record high in July 2017 when the inflation rate hit 35 percent.

In November 2016, the Central Bank of Egypt (CBE) decided to float the Egyptian pound against all foreign currencies, as part of the economic reform program undertaken by Egypt to receive a $US 12 billion loan from the International Monetary Fund (IMF). Accordingly, the Egyptian pound lost nearly half of its value.

The Egyptian government gradually cut the subsidies on multiple services including electricity, fuel, and the latest decision was to raise the price of the metro tickets to be based on the length of the commute.

Outrage Erupts and Protesters Arrested over Metro Price Hike
Egypt and China Sign MOU for $2 billion Solar Panel Factory

Subscribe to our newsletter


News

More in News

Egyptian MP to Submit Bill Omitting Religion from National IDs to Parliament

Egyptian StreetsNovember 12, 2018

British Parliament Encourages Lifting the Travel Ban Imposed on Sharm El Sheikh

Nour EltiganiNovember 11, 2018

Egyptian Film ‘Yomeddine’ Wins at Geneva Film Festival

Mirna AbdulaalNovember 10, 2018

UN: Food Aid to Be Doubled to 14 Million Yemenis to Avert Starvation

Mirna AbdulaalNovember 10, 2018

Bedouin Tribes of ‘Sinai Trail’ Get Backing From Egypt’s Ministry of Tourism

Mirna AbdulaalNovember 10, 2018

Egyptian Committee to Amend Controversial NGO Law

Nour EltiganiNovember 9, 2018

Private School Fees in Cairo Can Cost Up to 3 Million EGP

Mirna AbdulaalNovember 8, 2018

Teen Boys Storming Girls-Only Class Video Under Fire

Donya SadekNovember 8, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.