Outlook for Egyptian economy positive in 2015

The outlook for Egypt's banking system has been upgraded by Moody's Investors Service from negative to stable in 2015, an important step that reflects the strong financial position of Egyptian banks and an indicator of a robust national economy.

A Moody's report has hailed as "flexible" measures adopted by the banking sector in Egypt, noting that it has greatly benefited from the sharp drop in crude oil prices over the past months.

The agency also said that all factors that affect credit rating in Egypt are stable. It cited the employment climate, asset risks, capital, profits, funding, liquidity and government subsidy.

Moody's report also said that the Egyptian banking sector is the most flexible in Africa.

It expected credit opportunities in the Egyptian market to increase by 10 to 12 percent, as the Gross Domestic Product (GDP) ups by 4 percent.