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13 August 2018, 12:19 | Devin Moran
A vendor gets a five Euro bank note from a customer at the central market in Athens Greece
LMoreover, El-Diwany said that the Turkish market gets an advantage in the exportation markets, which both Egypt and Turkey export the same products for, explaining, "Egypt can not well compete with Turkey in exporting textiles to the same markets, as the Lira is now down, hence prices will be lower than before".
Turkish President Recep Tayyip Erdogan on Saturday branded interest rates a "tool of exploitation" which should be kept as low as possible.
Without naming countries, Erdogan said supporters of a failed military coup two years ago, which Ankara says was organised by a US-based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago.
"The aim of the operation is to make Turkey surrender in all areas, from finance to politics", Mr Erdogan said. As the lira falls in value, the debt becomes harder to pay. "What is the reason for all this storm in a tea cup?"
"If they have the dollar, we have Allah", he said.
In addition, foreign investors are disquieted by Erdogan's authoritarian government, which seems to be pursuing imprudent and politically charged economic policies which undercut the independence of the central bank - only worsening Turkey's economic predicament.
The Turkish lira has always been falling on worries about President Erdogan's influence over monetary policy and worsening relations with the United States. "We were together with you [U.S] in Afghanistan, Somalia and Bosnia". "You should know that to keep this nation standing is. also the manufacturers" duty".
Turkey and the United States squabbled last week over Turkey's failure to free a USA pastor named Andrew Brunson from house arrest while he awaits his trial on terrorism charges.
Brunson was arrested in October 2016 on charges of being an American spy and terrorist complicit in the failed coup attempt against Erdogan in the summer of 2016.
The U.S. was the top destination for Turkish steel exports in 2017, which were worth $1.1 billion.
President RecepTayyip Erdogan on Sunday said the crash of the Turkish lira, sparked by a bitter dispute with the United States, was a "political plot" against Turkey and warned Ankara would now seek new markets and partners.
Erdogan blamed his country's economic downturn on the United States and other nations that he claims are waging "war" against his country.
The aim of the recent USA pressure is "to seize Turkey in every field from finance to politics", the president noted.
The chief diplomat said Tehran will stand behind neighboring Turkey in the face of sanctions by the United States.
"They tell us to release the priest by Wednesday 6:00 pm, otherwise the sanctions will begin", Erdogan added.
"To further reduce imports of steel articles and increase domestic capacity utilization, I have determined that it is necessary and appropriate to impose a 50 percent ad valorem tariff on steel articles imported from Turkey, beginning on August 13, 2018", Trump said in a proclamation released by the White House.
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