The Egyptian cabinet approved during its weekly meeting  chaired by Prime Minister Mostafa Madbouly on Wednesday a draft bill regulating the Central Bank of Egypt (CBE) and the banking system. 

Egypt's central bank cut its key interest rates by a further 150 basis points and said the "pace and magnitude of future policy adjustments will continue to be subject to confirmation that inflation expectations are anchored at target levels that are consistent with disinflation and price stability over the medium term."

Egypt's central bank cut its key interest rates by a 100 basis points, its first cut in 11 months, saying its first inflation target for the end of 2018 had been achieved and fresh data continue "to confirm the moderation of underlying inflationary pressure."

Moody's Investors Service has changed the outlook for Egypt's banking system to positive from stable, as economic growth picks up, supporting credit growth, banks' profitability and internal capital generation.