Governor of the Central Bank of Egypt: S&P Global Ratings’ Upgrade of Egypt’s Credit Rating Reflects Growing Confidence in the National Economy, Driven by Monetary and Structural Reforms

Cairo, 13 October 2025:

H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), welcomed S&P Global Ratings’ decision to upgrade Egypt’s sovereign credit rating, affirming that the move reflects the growing confidence in the Egyptian economy, driven by the monetary and structural reforms implemented recently.

Mr. Abdalla emphasized that the unification of the exchange rate regime was a key step towards enhancing market stability, noting that the improvements in external sector indicators and the increase in foreign exchange reserves reflect the effectiveness of the economic policies adopted.

Furthermore, Mr. Abdalla reaffirmed the CBE’s firm commitment to implementing sound monetary policies aimed at curbing inflation and safeguarding financial stability, thereby supporting sustainable economic growth and strengthening the confidence of international institutions and investors in the Egyptian economy.

Noteworthy, S&P Global Ratings upgraded, on Friday, Egypt’s long-term sovereign credit rating to “B” from “B-”, with a stable outlook—the first upgrade in seven years.

S&P stated that the upgrade reflects the reforms undertaken over the past 18 months by the Egyptian Government—including the liberalization of the foreign exchange (FX) regime—which have led to GDP growth rebounding sharply in fiscal year 2025.

Moreover, S&P highlighted that Egypt’s transition to a flexible exchange rate regime has contributed to stronger growth, along with a rise in tourism revenues and remittance inflows. Net financial inflows have also strengthened, supporting the economy’s external position.

On a related note, Fitch Ratings also affirmed Egypt’s long-term foreign-currency rating at ‘B’ with a stable outlook, reflecting the country’s resilient economic growth, strengthening external position, and advancing fiscal reforms despite regional challenges.

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