Credit-rating company Moody’s Ratings (Moody’s) has revised the outlook on Egypt to positive from negative amid game-changing economic measures, including the flotation of the Egyptian local currency and an increase in interest rates.
In a statement on Thursday 7/3/2024, the New York-based business said the positive outlook reflects the marked change in economic policy, including the large devaluation of the Egyptian local currency and 600-basis-point increase in interest rates by the Central Bank of Egypt (CBE).
Moody’s noted that maintaining these factors will help the country maintain an upsized International Monetary Fund (IMF) program, help avoid another build-up of external imbalances and enhance the economy’s resilience to shocks over time.
Source: State Information Service Egypt