#foreign currency reserves
Fitch Ratings, a global credit rating agency, has upgraded Egypt’s Long-Term Foreign-Currency Issuer Default Rating (IDR), a measure of a country’s ability to meet its financial obligations in foreign currencies, from ‘B-’ to ‘B,’ with a positive outlook as of 1 November. Credit rating agencies assess the creditworthiness of nations and organizations and play a huge role in shaping economic perceptions and influencing borrowing costs, which is the interest rates of funding whereas lower credit means higher borrowing costs and…
