Cairo - Mubasher:Moody’s investors services said the increased availability of US dollar in the Egyptian banks is credit positive.
A recent report published by the rating agency state that the availability of US dollar will help service the bank's customers’ need for foreign currency, allow the banks to improve their dollar liquidity and reduce their net foreign liability position.
Being able to meet customers’ needs as a result of the increased availability of dollars will fuel economic expansion and support banks’ business, noted the report.
Also, the increased availability of dollars reduces the risk of the banks not being able to source dollars to repay their foreign obligations and will allow banks to gradually reverse their net foreign liability position, added the report.
