Fitch: Egyptian Banks’ Capital Ratios Can Withstand Further EGP Depreciation

A group of towers on the Nile River in the Egyptian capital, Cairo (EPA)

Fitch Ratings lauded the agreement between the Egyptian government and the International Monetary Fund (IMF) in which Egypt secures a $3 billion loan over 46 months.

Fitch Ratings added also said that Egyptian banks’ regulatory capital ratios can withstand further Egyptian pound depreciation as they are supported by healthy internal capital generation.