Fitch Ratings has affirmed Egypt's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' with a Positive Outlook.

Egypt's central bank left its key policy rates steady for the second month in a row, saying inflation is expected to remain in line with its target for the fourth quarter of this year before declining to single digits after the temporary effect of supply shocks dissipate.

The Central Bank of Egypt's (CBE) Monetary Policy Committee (MPC) kept overnight deposit and lending rates unchanged at 16.75 percent and 17.75 percent respectively, the CBE announced in a statement on Thursday. 

Egypt's central bank lowered its key policy rates by another 100 basis points, as expected, noting inflation was continuing to decline while economic growth last year was the fastest since 2010.