Egypt's credit rating downgraded

Last Updated: Sat, Feb 05, 2011 12:44 hrs

Cairo, Feb 5 (IANS) Egypt's credit rating and economic outlook have been downgraded by rating agencies due to the ongoing political unrest.

Credit Agricole bank revised downward its growth forecast for Egypt this year from 5.3 percent to 3.7 percent, DPA reported.

On Saturday, Egyptian President Hosny Mubarak met ministers holding economic portfolios and the head of the central bank at the presidential palace in Cairo, state media reported.

Newly-appointed Finance Minister Samir Radwan and central bank Governor Farouq al-Oqda joined the ministers of oil, trade and social security for a meeting with the embattled president.

On Friday, officials indicated banks in the country could see a limited reopening Sunday, though there would be limits on withdrawals. The stock exchange could also reopen Monday.

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