Abdalla noted that unifying the exchange rate was a key step toward improving market stability.
He added that stronger external-sector indicators and higher foreign-exchange reserves demonstrate the effectiveness of Egypt’s recent economic policies.
He also reaffirmed the CBE’s commitment to pursuing prudent monetary policies aimed at curbing inflation, maintaining financial stability, and supporting sustainable economic growth, measures that continue to bolster investor and institutional confidence in Egypt’s economy.
S&P Global Ratings announced on Friday that it had upgraded Egypt’s long-term sovereign credit rating to “B” from “B-” with a stable outlook, the country’s first upgrade in seven years.
The agency said the decision reflects reforms implemented by the Egyptian government over the past 18 months, including the liberalization of the foreign exchange system, which helped GDP growth rebound sharply in fiscal year 2025.
S&P also highlighted that Egypt’s shift to a flexible exchange rate has supported stronger economic growth, along with a rise in tourism revenues and remittance inflows.
The agency added that higher net financial inflows have improved the country’s external position.
In a related development, Fitch Ratings also affirmed Egypt’s long-term foreign-currency rating at 'B' with a stable outlook, citing resilient economic growth, an improving external position, and continued progress on fiscal reforms despite regional challenges.
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