Cairo-Mubasher: The recent decision by the Central Bank of Egypt (CBE) to devaluate the local currency is 'positive' for the country's credit rating, said Moody’s Investors Services.
The agency added that the devaluation of the Egyptian pound brings the official exchange rate closer to market rates and will likely boost exports and foreign investment inflows.
The CBE lowered the pound by EGP 0.112 against the dollar before raising it by EGP 0.07 in Wednesday's auction.
