takinbrrrr on Nostr: The people of Zambia woke up on Friday to discover that energy prices had gone up by ...
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/
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/