Another stepwise devaluation by Egypt -- USD/EGP lost 7% today
62 sats \ 2 comments \ @cryptocoin 4 Jan 2023 bitcoin
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30 sats \ 0 replies \ @TomK 4 Jan 2023
3rd row currencies could be falling like flies if the Fed continues sucking the Eurodollar market desert dry! Poor people over there, what a shitshow.
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0 sats \ 0 replies \ @cryptocoin OP 4 Jan 2023
Credit for the wording in the title goes to Lyn Alden:
Egypt had another stepwise devaluation of its currency, resulting in a ~7% decline relative to the dollar today.
https://twitter.com/LynAldenContact/status/1610667404899622916 [Nitter]
This is a good thread:
The FT has reported that Egypt was rationing fx even after it signed an agreement with the IMF -- with imports stuck in the port because of a lack of hard currency to make payments ...
https://ft.com/content/b5d45d6d-4b69-4fe1-89d5-36d1a591b32d [Arcive]
https://twitter.com/Brad_Setser/status/1610673516839374849 [Nitter]
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