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Facing a severe shortage of dollars and dwindling (if momentarily stable) FX reserves, Egypt moved to devalue the pound by around 13% on Monday in a move the central bank says will help attain “exchange-rate levels that reflect the strength and real value of the local currency in a short period of time.”

The central bank sold $198.1 million at auction at 8.85 versus 7.73 previously. Here's a look at the EGP versus Egypt CDS which had recently diverged quite markedly relative to recent history:

The story of the theft of $100 million from the Bangladesh central bank - by way of the New York Federal Reserve - is getting more fascinating by the day.

Reports indicate that some of the stolen funds were traced to the Philippines, but given what we know about the "Cyber Axis of Evil," we can only suspect it was Iranians, Chinese, or the criminal/military mastermind Kim Jong-Un who was behind the scam, but whatever the case, someone, somewhere, hacked into Bangladesh's central bank on February 5.

Last October, BofA looked at Europe’s €2.6 trillion in negative-yielding debt and discovered something “stunning”: Savings rates were going up not down.

Don’t believe us, just have a look at these three charts:

The BIS’ Claudio Borio was vindicated in January - and it was a long time coming.