Expectations of unprecedented inflation in Egypt

The head of Egypt’s sovereign wealth fund Ayman Soliman said that Egypt’s inflation, which has accelerated to record levels, has reached its peak, the RT Arabic website reported.

The weakness of the pound resulting from its flotation was a good thing for controlling production costs, he added.

During the Reuters Next conference held in New York, Soliman pointed out that there is good absorption of assets in the hospitality and tourism sector in Egypt, which is one of the areas in which the government is trying to enhance private sector participation and increase revenues by selling state-owned assets.