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

Egypt’s Coptic Orphans Director Amplifies the Voice of Copts at UNGA

Egyptian Streets24 September 2022

Egypt to Open Archaeological Sites for Free on World Tourism Day

Mona Abdou23 September 2022

Legendary Actor Hesham Selim Passes Away Aged 64

Egyptian Streets22 September 2022

Al-Azhar Grand Imam Appoints Female Advisor for the First Time in Egypt’s History

Farah Rafik21 September 2022

Egyptian Customs Authorities Set Gift Limit at EGP 10K per Passenger

Mona Abdou21 September 2022

US Deducts $130 Million From Egypt’s Military Aid Over Human Rights

Shereif Barakat17 September 2022

Egypt Signs Agreements with Qatar to Boost Investment Amid Financial Constraints

Egyptian Streets15 September 2022

Wrestler Samar Hamza Makes History as First Egyptian Woman to Reach World Championship Final

Farah Rafik14 September 2022