LynAlden on Nostr: Flying to Cairo tomorrow to visit friends and family, where I will be until shortly ...
Flying to Cairo tomorrow to visit friends and family, where I will be until shortly before Pacific Bitcoin.
I have a small wad of cash from last time which I will be bringing with me, that is now worth a lot less than last time I was there.
At the start of 2022, the exchange rate to the US dollar was 15 to 1. When I was there, the exchange rate was in the 20s, since the Egyptian central bank was in the process of devaluing it (at the behest of the IMF). Now it’s over 30 to 1, so these are all seven dollar bills basically.
My friends and family, whose wages are denominated in pounds, all got wage increases since the start of 2022, but they certainly didn’t get 100% wage increases, and so all of them earn fewer dollar-equivalents per hour thanks to this devaluation (which among other reasons is why the IMF wanted Egypt to do it).
Published at
2023-08-13 16:03:32Event JSON
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"content": "Flying to Cairo tomorrow to visit friends and family, where I will be until shortly before Pacific Bitcoin.\n\nI have a small wad of cash from last time which I will be bringing with me, that is now worth a lot less than last time I was there.\n\nAt the start of 2022, the exchange rate to the US dollar was 15 to 1. When I was there, the exchange rate was in the 20s, since the Egyptian central bank was in the process of devaluing it (at the behest of the IMF). Now it’s over 30 to 1, so these are all seven dollar bills basically.\n\nMy friends and family, whose wages are denominated in pounds, all got wage increases since the start of 2022, but they certainly didn’t get 100% wage increases, and so all of them earn fewer dollar-equivalents per hour thanks to this devaluation (which among other reasons is why the IMF wanted Egypt to do it). https://cdn.nostr.build/i/8f3bac561a759c9535fec65d6c7f16104200d5512d12d057b02f0b217cb290e5.jpg ",
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