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Moody’s downgrades Egypt’s rating to ‘B3’

Moody’s Investors Service cuts Egypt’s sovereign rating by one notch to B3 from B2, saying that it does not expect the country’s liquidity and external positions to rebound quickly. The change comes as the Arab country has continued to face a foreign currency shortage despite allowing the Egyptian pound to depreciate sharply in recent months. […]

Morocco central bank cuts key interest rate as inflation drops

Morocco’s central bank cut its borrowing rate to 2.75% from 3% as inflation drops thanks to lowering food prices and easing external inflationary pressures, the bank said following its board meeting. “On the basis of all these considerations, the Board considered that the calibrated tightening of monetary policy, the regular monitoring of the transmission of […]

South Africa facing deep economic, social crisis

South Africa is currently plunged in a deep economic and social crisis, where the poor are facing the worst of it. The deep economic crisis is worsened by the impact of the COVID-19 pandemic and the poor management of this health crisis, not to speak of the widespread corruption which has entailed the failure of […]