The Central Bank of Egypt (CBE) said on Tuesday it is increasing the reserve requirement on deposits from 10 percent to 14 percent as a result of the strengthening performance and profitability of local banks.

Moody's Investors Service has today affirmed the Government of Egypt's long-term issuer and senior unsecured bond ratings at B3. The outlook remains stable.

Egypt's central bank kept its policy rates unchanged, as expected, and said the economy had developed largely as expected so its rates were consistent with achieving its inflation target of 13 percent, plus/minus 3 percentage points, by the fourth quarter of 2018 and in single digits thereafter.

Egypt signed an agreement with the Canadian company Bombardier on Tuesday for the financing and construction of Line 6 of Greater Cairo's metro, state-run news agency MENA reported.