Egypt’s FRA Oks private insurance funds’ $160.7 mln investments March-end

By Eslam Abdelhameed On Jun 13, 2020

Egypt's Financial Regulatory Authority (FRA)

Egypt’s market regulator approved on Wednesday investments worth around 2.6 billion Egyptian pounds ($160.7 million) in favour of private insurance funds during the first quarter of this year.

Earlier, the investments recorded 3.01 billion pounds during the first quarter of 2019.

“The private insurance funds’ investments marked a 14 percent drop or about 410 million pounds during the first quarter of 2020,” the Egyptian Financial Regulatory Authority (FRA) said in its monthly report.

These investments represent in the saving certificates of the National Bank of Egypt A and B, besides its banking deposits and investment policies, in addition to public debt instruments, including treasury bills and bonds, FRA added.