Egypt: The Pound Plunges
The Egyptian pound is plummeting, again, losing 6.1% of its value against the greenback over the past week. As shown in the accompanying chart, the black market premium has soared to 25.2%.
The plunging pound has dramatically pushed up Egypt’s implied annual inflation rate. It now stands at 28.9%. The Egyptian pound might just be General Sisi’s Achilles’ heel.