Fitch Solutions warns of high inflation rates in Egypt

Since March 2022, the increase in the value of loans has been driven almost entirely by a revaluation of loans after three currency devaluations, Fitch Solutions said in a report.

It anticipates that the pound will lose nearly 20 percent of its value during the remainder of 2023 and that loans to the government will remain high.

Nominally, this will lead to loan growth of about 20.2 percent by the end of this year.