Fitch Ratings, one of the so-called “Big Three” credit rating agencies, has downgraded El Salvador’s “long-term foreign currency denominated” credit rating, which considers Bitcoin (BTC) legal tender.
The burden of the worsening economic outlook continues to rest on the shoulders of the people of El Salvador. Despite Bukele’s radical economic moves, the international credit rating agency Fitch Ratings, your country long-term foreign currency credit rating CCC to CC downloaded it.
September 15 In the report published on Fitch’s official website on weak liquidity positions and unhedged foreign exchange positions. on the national economy breach said to have been created. country in January 2023. 800 million The report, which points out that the dollar bond payment makes default possible, states that El Salvador’s to January 2023 on average 3.7 billion He estimated that he would need a dollar of financing.
The organization briefly summarizes the country’s financial situation before January 2023. “terrible” defined as. In addition, Bukele’s actions in recent months to prove that credit institutions were wrong. bond buyback for “Possibly weakening the already tense liquidity position” commented.
President Nayib Bukele Candidate Again
El Salvador’s President Nayib Bukele announced that he will run for President again in 2024 against the worsening economic and political outlook.
Despite this, El Salvador’s President Nayib Bukele, on September 15 carried out El Salvador National Independence Day at the celebrations 2024 to the Presidency again in announced that he would be a candidate.
Replacing the members of the supreme council and immediately following the new supreme council in 2021 of presidents two terms After removing the phrase that prohibits him from running consecutively, the public said that Nayib Bukele will nominate his candidacy for the second term. was guessing. Upon the decision, the US government decided that Bukele’s “undermining democracy” had suggested.
On the other hand, Bukele’s candidacy, with a definite result, Doesn’t mean he’ll win. The economic burden brought by Bukele’s radical moves is frequently overshadowed by the public. is met with dissatisfaction. local people politically authoritarian however far from realistic solutions Bukele, known to have found biggest competitor economy looks like it will.