Cairo – Mubasher: Egypt's foreign exchange reserves are sufficient to cover maturing foreign liabilities over the coming three years, according to Moody's Investors Service.
The North African nation’s “B2 stable credit profile reflects its sizable and diversified economy [and] large domestic funding base,” Moody's said in a report on Wednesday.
Moreover, the country’s credit profile is also backed by the relatively low levels of foreign currency-denominated and external government debt, the report showed.
The central bank managed to lower interest rates, which has led to reducing the governmental local borrowing costs, on the back of the falling inflation and credible monetary policies.
“This credit outlook reflects the resilience of Egypt's credit profile against financing shocks despite high exposure, a positive for its credit profile. This is driven by its effective and credible government policies," Vice President and Senior Analyst at Moody's Investors Service, Elisa Parisi-Capone, said.
