“The large devaluation of the currency and increase in interest rates will likely help Egypt maintain an upsized IMF program, reduce the risk of a renewed build-up of external imbalances, and strengthen the economy's shock resilience"
Continued foreign currency shortages, difficult operating conditions, and high asset risks were main contributors to the new outlook, noting that it may impact banks’ operations and place further pressure on various aspects of operations
El Etreby said that the NBE raised EGP 7 billion and Banque Misr secured EGP 4 billion
Fitch Ratings has lowered credit ratings on four Egyptian banks, citing concerns about external financing, macroeconomic stability, and government debt
This initiative seeks to boost economic activities and promote cross-border trade relations, further enhancing trade between both countries.
