Mubasher: Standard and Poor's (S&P) Financial Services has upgraded its credit-rating for Egypt, citing strengthening economic growth and rising external foreign exchange reserves.

Egypt’s long-term rating rose to B from B-, with a stable outlook, according to the statement issued by S&P Global Ratings on Friday.

"The liberalization of the currency regime on 3 November 2016 has reduced external imbalances and boosted remittances and portfolio inflows, leading to higher foreign reserves," the report noted.

"Inflation has started to moderate, partly because of base effects but also reflecting the increasing effectiveness of the monetary framework,” it added.