Egypt's central bank left its key rates unchanged but said "potential underlying domestic inflationary pressures remain a concern" despite the mitigation of upside risks to inflation from the broad-based decline in international commodity prices.

Fitch Ratings has affirmed Egypt's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'B' with a Stable Outlook. The issue ratings on Egypt's senior unsecured foreign and local currency bonds have also been affirmed at 'B'. The Country Ceiling has been affirmed at 'B' and the Short-term foreign currency IDR at 'B'.

Egypt's current account deficit narrowed to $5.582 billion in the fiscal year to end-June from $10.146 billion a year earlier, the Central Bank said in a statement on its website.

Moody's Investors Service has today downgraded Egypt's government bond ratings to B3 from B2, while maintaining the rating on review for further possible downgrade.