I’ve heard commentators state that in places like Egypt, Turkey, and Argentina, that their devaluing currencies benefit tourists with strong currencies. If local prices rise to match the devaluation of the local currency, doesn’t that mean that you can’t exactly buy more with what you have since prices adjust?
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Food in Egypt is skyrocketing in price to match the ‘devaluation’, i.e. the government being forced to let the currency exchange price float in order to meet the terms of the IMF loaning Egypt money it desperately needs because of the war in ukraine both a> destroying tourism on top of COVID and b> driving wheat prices through the roof.
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