Cairo - Mubasher: The Egyptian banking sector considered the most well positioned in Africa and it is expected to reap great benefits from the decline in oil prices, said Moody's Investors Service.
The markets of Egypt and Morocco consecutively, will benefit mostly from oil prices drop, noted Moody's.
Last April, Moody's said it expects real GDP growth in Egypt to recover to 4.5% year-on-year for the current fiscal year 2015, which ends in June, and then to rise to around 5%-6% over the coming four years.
Meanwhile, in this time, Moody's raised Egypt's foreign-currency bond ceiling to B2 from B3, the foreign-currency deposit ceiling to Caa1 from Caa2, and the local-currency country risk ceiling to Ba2 from Ba3.
