Private insurance funds’ investments in Egypt’s T-bills fall 0.66% Sept-end

The total investments of private insurance funds in the Egyptian government’s treasury bills dropped around 0.66 percent year-on-year at the end of September, the central bank said on Thursday.

Investments fell to 29.9 billion Egyptian pounds ($1.8 billion) against 30.1 billion pounds at the end of last August, the bank added.

In October, the Egyptian Financial Regulatory Authority (FRA) has approved investments up to 7.07 billion pounds in favour of the private insurance funds during the first 8 months of the current year.

These investments recorded 6.8 billion pounds during the first 8 months of 2018, marking a 3.4 percent growth or around 231 million pounds at the end of last August, 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.

In August, FRA also approved new investments of 1.01 billion pounds in favour of the private funds versus 1 billion pounds during the same period last year, marking a 0.6 percent increase.