Egypt Grapples With Worsening Currency Shortage

Economic pressures are mounting in Egypt, giving no respite for the Middle East’s most populous nation. The pound is plunging on the black market and is now more than 50% weaker than its official rate. Moody’s Investors Service, meanwhile, cut the country’s credit outlook last week, saying the risk of a debt restructuring had increased, even if it’s unlikely in the near term.

Moody’s cited “very weak debt metrics and elevated exposure to foreign exchange and interest rates risks.”