Egypt’s sovereign fund head says he thinks inflation has peaked

Egypt’s sovereign fund head says he thinks inflation has peaked

NEW YORK - Inflation that has accelerated in Egypt to record levels appears to have peaked, and the weakening of a devalued currency is good for controlling the costs of production, the head of Egypt's Sovereign Fund Ayman Soliman said on Thursday.

Speaking in an interview at the Reuters NEXT conference in New York, Soliman also said there had been good uptake of assets in Egypt's hospitality and tourism sector, one of the areas in which the government is trying to boost private sector participation and raise revenue by selling state holdings.

(Reporting by Dan Burns Writing by Aidan Lewis Editing by Mark Heinrich)