(MENAFN) Capital Intelligence (CI), the international credit rating agency, announced that it has lowered Egypt's long term foreign and local currency ratings from BB- to B, reported Arabian Business.
CI attributed the move to depleting foreign currency reserves at the country's central bank, the rise in dollarisation levels and the outflow of investments, in addition to the worsening public finances.
In the face of political uncertainty and sustained violence, the Egyptian pound has lost about 10 percent of its value against the dollar since 2012, and it became difficult to reinstate economic stability since the onset of the revolution.
It's worth mentioning that for the first time since 2011, the North African country's central bank increased interest rates last week.
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