The ratings agency wrote that the four banks have “significant exposure” to debt and lending to public-sector companies, with Fitch estimating their debt to reach 75% of their total assets
Cash circulating outside the banking system increased by 3.4% to hit EGP 859.5 billion compared to EGP 831.2 billion
Egypt's total foreign liabilities rose by EGP 13.717 billion ($443.26 million) MoM to EGP 2.194 trillion ($70.9 billion) in March 2023, including EGP 1.298 trillion ($41.94 billion) owed by the CBE and EGP 896.705 billion ($28.98 million) owed by banks
S&P maintained its global long- and short-term issuer credit ratings for these banks at “B/B"
Last week, Banque du Caire, NBE, Banque Misr, Al Baraka Bank, and Nasser Social Bank also launched new certificates of deposits following Egypt’s Central Bank of Egypt (CBE) recent hike of key interest rates
