Wednesday 25, June 2008 by
Moody’s negative on foreign currency deposits of Egyptian banks
Moody's Investors Service has changed to negative from stable the outlook for the Ba2 long-term foreign currency deposit ratings of five Egyptian banks. This rating action follows an earlier similar rating action on Egypt's foreign currency bank deposit ceilings at Ba2/not-prime, primarily motivated by the country's soaring consumer price inflation which exceeded 20 per cent in May 2008.
