(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
