EGYPT

 

Egypt Banks:  Moody’s Wary

 

The outlook for Egypt’s banking system remains negative because of political instability and the increasing exposure of banks to the indebted government, ratings agency Moody’s said on 25 February. This negative outlook for the bulk of Egyptian banks is unchanged since the beginning of the political turmoil in the country in January 2011.

Moody’s said that although Egypt is heading towards elections, the...