Fitch Solutions affirmed its economic forecast for Egypt’s growth in the current fiscal year (FY2024/2025), citing increased investment, a rebound in the manufacturing sector, and the expected resolution of the Gaza conflict by late 2024
The firm's report forecasts that the exchange rate could range between EGP 47.9 and EGP 49.5 against the USD, a decline from their earlier prediction of EGP 46.5
According to Fitch, the exchange rate float on March 6, 2024, alongside substantial financing totaling $57 billion, bolstered forecasts for the sector
The ratings agency updated its outlook for the National Bank of Egypt, Banque Misr, Banque du Caire, and the Commercial International Bank (CIB) to positive
BMI Research revised its growth expectations for Egypt to 3.2% for the current fiscal year FY2023/2024 and 4.2% in 2024/2025
