Fitch Ratings has revised the Outlook on Egypt's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable, and affirmed the IDR at 'B+'.

In a statement released on Thursday morning, the CBE attributed its decision action to elevated global and domestic prices that are expected to keep headline inflation above the MPC’s preannounced target of seven percent (±2 percent) on average in through the fourth quarter of 2022.

The Saudi Egyptian Investment Company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), acquired a 34% stake in Egypt's B. TECH for around $150 million, Asharq Business reported on October 2nd, citing informed sources.

The Egyptian non-oil sector remained under pressure in September, as a result of inflation, energy rationing, restrictions on imports, and a decline in demand, the S&P Global Egypt PMI™ report showed on October 4th.