The people of Zambia woke up on Friday to discover that energy prices had gone up by some odd 40+%. This is coming after the government devalued the currency by 30% due to depleting foreign currency reserves.
In real terms, the people of Zambia just got a 30% cut in their wealth overnight. Earning an income in Zambian kwachas? Have financial assets in ZMW? Too bad, your income (assets) will have to go up by at least 30% to keep up with the devaluation.
Imagine saving for retirement and waking up one day to realize you’ve lost 3 years worth of savings out of the last 10!
#Bitcoin fixes this.
https://www.reuters.com/world/africa/malawi-hikes-fuel-electricity-prices-after-currency-devaluation-2023-11-10/
takinbrrrr
npub1de…rjkrm
2023-11-15 04:33:40
Author Public Key
npub1de50rpyafejdfdjl2ml93umqgmdvdpcrgskykggj0xctp2cmg4ksvrjkrmPublished at
2023-11-15 04:33:40Event JSON
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"content": "The people of Zambia woke up on Friday to discover that energy prices had gone up by some odd 40+%. This is coming after the government devalued the currency by 30% due to depleting foreign currency reserves.\n\nIn real terms, the people of Zambia just got a 30% cut in their wealth overnight. Earning an income in Zambian kwachas? Have financial assets in ZMW? Too bad, your income (assets) will have to go up by at least 30% to keep up with the devaluation.\n\nImagine saving for retirement and waking up one day to realize you’ve lost 3 years worth of savings out of the last 10!\n\n#Bitcoin fixes this.\n\nhttps://www.reuters.com/world/africa/malawi-hikes-fuel-electricity-prices-after-currency-devaluation-2023-11-10/",
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