Insurance companies’ investments in Egypt’s T-bills fall 11.5% May-end

The total investments of insurance companies operating in the Egyptian government’s treasury bills dropped 11.5 percent year-on-year at the end of last May, according to a report.

Investments fell to around 28.097 billion Egyptian pounds ($1.7 billion) against 31.759 billion pounds at the end of April, the Central Bank of Egypt’s (CBE) monthly report showed on Wednesday.

“The investments of public-sector insurance companies in treasury bills recorded 21.605 billion pounds at the end of May 2020, down from 25.540 billion pounds at the end of last April,” the report said.

Private-sector insurance companies have invested about 5.446 billion pounds in treasury bills at the end of May, up from 5.446 billion pounds at the end of April.

Foreign insurance companies operating in the Egyptian market recorded total investments worth 996 million pounds in treasury bills, up from 773 million pounds at the end of April.