Cairo-Mubasher: The decisions taken by the Central Bank of Egypt (CBE) last week, including the devaluation of the Egyptian pound, are broadly credit positive, said Fitch Ratings.
However, the country faces a difficult year of slower growth, high inflation and large financing needs, the global agency said.
It expected the dollar’s official exchange rate to reach EGP 9 by the end of 2016.
The CBE raised the dollar’s exchange rate by EGP 0.07 to EGP 8.78 in the exceptional $1.5 billion auction held on 17 March.
