Egypt's central bank cut its key interest rates by a 100 basis points, its first cut in 11 months, saying its first inflation target for the end of 2018 had been achieved and fresh data continue "to confirm the moderation of underlying inflationary pressure."

Moody's Investors Service has changed the outlook for Egypt's banking system to positive from stable, as economic growth picks up, supporting credit growth, banks' profitability and internal capital generation. 

Egypt's central bank left its key policy rates unchanged for the third time, saying the current rates are consistent with the outlook for inflation and achieving the target of 13 percent, plus/minus 3 percentage points, in the fourth quarter of this year.

Fitch Ratings has affirmed Egypt's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' with a Positive Outlook.