Amr El-Ganaini, Executive Vice President and Managing Director of the Commercial International Bank CIB, said that the dollar proceeds in Egypt are currently greater than before the economic crisis that Egypt has faced since the outbreak of the Russian-Ukrainian war, stressing that monetary policies are more than rational.
During the press conference today to announce the details of the 28th session of the Cairo ICT exhibition, scheduled to start on November 16, Al-Ganaini expected that economic indicators will improve significantly in the coming period and Egypt’s credit rating will improve.
Fitch raised Egypt’s credit rating for the first time since 2019, in a move that represents a new boost to the Egyptian economy.
The credit rating agency Fitch raised Egypt’s rating by one level from “B-” to “B”, with a stable outlook.
The agency said the upgrade is supported by recent inflows of foreign investment, particularly the Ras El Hekma deal, which has boosted Egypt’s foreign exchange reserves. Reforms such as increasing exchange rate flexibility and stricter monetary policies with regard to Egypt’s external finances also strengthened confidence in the robustness of these amendments.
“We are somewhat more confident that a more flexible exchange rate policy will prove more durable than in the past,” the agency said. Risks to public finances have also been moderately reduced by measures to reduce off-budget public investment and broaden the tax base, in When we expect a significant decrease in the interest burden on Egypt’s very high domestic debt
