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.

TomK

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*.
>
> ![Price of EGP in dollars, from Google Charts](https://i.postimg.cc/HkdkGH06/image.png)

https://twitter.com/LynAldenContact/status/1610667404899622916 [[Nitter](https://nitter.at/LynAldenContact/status/1610667404899622916)]

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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://archive.is/aZhlt)]

https://twitter.com/Brad_Setser/status/1610673516839374849 [[Nitter](https://nitter.at/Brad_Setser/status/1610673516839374849)]

cryptocoin

bitcoin

![USD/EGP 1 Year Chart](https://i.postimg.cc/QxqfbkfH/Screenshot-at-2023-01-04-11-10-31.png)

Source: https://www.google.com/search?q=usd+egp
