Moody's Investors Service has today affirmed the Government of Egypt's long-term issuer and senior unsecured bond ratings at B3. The outlook remains stable.

Egypt's central bank kept its policy rates unchanged, as expected, and said the economy had developed largely as expected so its rates were consistent with achieving its inflation target of 13 percent, plus/minus 3 percentage points, by the fourth quarter of 2018 and in single digits thereafter.

Egypt signed an agreement with the Canadian company Bombardier on Tuesday for the financing and construction of Line 6 of Greater Cairo's metro, state-run news agency MENA reported.

Egypt's central bank raised its key policy rates by another 200 basis points due to a worsening of the outlook for inflation but held out the prospect of lower rates by saying it expects "a measured easing of the monetary stance" as soon as underlying inflation starts to moderate.