by Steve Hanke.

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.