Moody's: CBE measures supported Egyptian economy

CAIRO - 21 April 2020: Moody's Corporation on Tuesday said that measures adopted by the Central Bank of Egypt (CBE) over the past few weeks have contributed to supporting the Egyptian economy and minimizing risks resulting from the spread of the coronavirus.

In a report a copy of which was received by MENA, the international rating corporation added that the CBE's measures have helped ease the economic burdens resulting from the coronavirus.

It added that the CBE's measures included reducing interest rate by 300 points and expanding loan installments for persons and corporations for six months.

The report indicated that liquidity with the Egyptian banking sector helped reduce risks resulting from the coronavirus.