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
The banking sector led the list of Egypt’s most valuable brands in 2024, holding 4 out of 10 top spots, with the National Bank of Egypt (NBE) maintaining its number one spot on Brand Finance’s latest evaluation
“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
Fitch Ratings has lowered credit ratings on four Egyptian banks, citing concerns about external financing, macroeconomic stability, and government debt
