Moody's upgrades Egypt's banking system's outlook to stable

Moody's Investors Service says it has upgraded Egypt's banking system outlook to stable from negative, expecting the sector's operating conditions to improve as economic growth accelerates and the government pushes through with economic reforms.

The credit rating agency says in a statement Wednesday that it expects Egypt's economy to expand 5 percent in the fiscal year ending June 2016, from an expected 4.5 percent in the previous fiscal year.