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Economic Benchmarks: One Year in Power - Daily News Egypt

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Economic Benchmarks: One Year in Power

Main economic benchmarks since Morsi came to power

President Mohamed Morsi  (AFP Photo)
President Mohamed Morsi
(AFP Photo)

22 August: President Mohamed Morsi requests from the International Monetary Fund an increased loan of $4.8 billion, up from $3.2 billion before he was elected.

12 September: Moody’s confirms Egypt’s B2 rating, outlook remains negative.

9 December: Morsi approves sweeping increases in sales taxes, only to retract his decision very early the next day.

24 December: Standard & Poor’s cuts Egypt’s credit rating to B- ; fourth downgrade in 14 consecutive months

12 February: Moody’s downgrades Egypt’s government bond rating to B3, maintains review for further possible downgrade.

March: Egypt’s international currency reserves drop to $13.4 billion, its lowest levels since the 2011 revolution.

21 March: Moody’s downgrades Egypt’s government bond rating to Caa1, negative outlook.

8 May: Egypt issues its first Sukuk Law.

9 May: Standard & Poor’s lowers Egypt’s credit rating further into junk, reducing foreign and local short-term rating to ‘C’.

12 June: Egypt’s stock exchange benchmark index falls 5.17% to its lowest levels in a year following a MSCI announcement that it may exclude the country from its emerging markets index

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