© Reuters.
Investing.com – The US dollar against the pound on the black market records 49.83 pounds for sale, and 50.09 pounds for purchase.
Fitch Ratings Agency downgraded the ratings of 4 Egyptian banks, a week after lowering the country’s sovereign credit rating to an undesirable area.
The agency revealed in a recent report that it lowered the credit ratings of the National Bank of Egypt, Banque Misr, Commercial International Bank (Egypt) (EGX:COMI) (CIB), and Banque du Caire to “B-” from “B” with a stable outlook, in line with the sovereign credit rating. For the country.
The agency explained that the reason for downgrading the banks’ classification is due to the large exposure to sovereign debt, in addition to these banks providing huge loans to government companies, which makes them vulnerable to the risks of default that the country faces.
Fitch indicated that the decline in economic conditions, including foreign exchange scarcity, rising inflation, and geopolitical turmoil, had a negative impact on the credit ratings of the three banks.
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The official exchange rate has remained fixed at around 30.90 pounds to the dollar, while the dollar is trading on the black market in Egypt near the level of 50 pounds to the dollar. This is the same level that the dollar reached last month, after the Egyptian Central Bank’s decision to limit the scope of the use of the dollar with bank cards.
While the US declines globally in light of the decline in US inflation on an annual basis. The dollar index is recording 103.952, with a decrease of more than 1% today due to expectations that the US Federal Reserve has ended its monetary tightening cycle. Markets expect the US interest rate to be cut next May by 25 basis points.
2023-11-14 19:42:00
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