Egypt: CBE Pumps U.S.$40 Million After Moody's Rating

The Central Bank of Egypt (CBE) has pumped $40 million to the local banks after Moody's Investors Service has downgraded Egypt's government bond rating from B2 to B3 (from five to six notches below investment grade) and kept it on review for a further downgrade.

The Egyptian pound exchange rate is stable for the second week reaching LE 6.74 against the dollar.

Moody's has lowered Egypt's credit rating due to the recent escalation of civil unrest in the country and the violent clashes between protesters and security forces over the recent weeks which resulted in many deaths.

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