In a press release, the agency mentions the difficulties of external financing with regard to the country’s financing needs, and the tightening of external financing conditions.
The agency’s statement said that the occurrence of a “further delay in the transition to a flexible exchange rate policy will lead to an impact on confidence”.
At the end of April, the rating agency “Standard & Poor’s” announced that it had reconsidered its estimates of the degree of outlook for Egyptian debt from “stable” to “negative” because of the “significant external financing needs” that it anticipates in terms of public debt. finance.
Last March, the Central Bank of Egypt’s foreign exchange reserves increased slightly to $34.447 billion, an increase of about $95 million from the previous month, according to what the Central Bank announced on its website in early April.
Foreign exchange reserves in Egypt recorded last February 34.352 billion dollars.
Egypt remains short of foreign currency despite the Egyptian pound falling about 50% since March and its signing of a new $3 billion bailout with the International Monetary Fund in December.
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