Morgan Stanley expects further support for Egypt from WB, EU soon

Updated 3/7/2024 12:26:00 PM
Morgan Stanley expects further support for Egypt from WB, EU soon

Arab Finance: Morgan Stanley Bank expects further support from the World Bank (WB) and the European Union (EU) for Egypt in the coming days, as per an emailed report.

The banks also expects limited upward moves in the foreign exchange (FX), which will assist the Central Bank of Egypt (CBE) to sustain some FX flexibility.

Moreover, it anticipates Moody's to remove the negative outlook for Egypt, moving back to a B3 rating from Caa1.

The bank believes that Egypt's official reserves will jump by $23.5 billion in 2024 to $58.3 billion and to $67.4 billion in 2026.

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