In Egypt, elation at Turkish currency crisis
As Turkey faces a currency crisis, its toughest in years, Egyptians are enjoying the spectacle from the sidelines, remembering many confrontations over the past decade.
CAIRO – Turkey is not Egypt's largest trading partner. The Egyptian pound is not pegged to the Turkish lira in any manner.
Nonetheless, Egyptians have been closely following Turkey's currency crisis, and there is elation in Egypt at the sharp decline in the exchange rate of the Turkish national currency.
Some people have even set up what they called 'Lira Meter', an around-the-clock measure of the drop in the value of the lira against foreign currencies, including against the Egyptian pound.
"Egyptians are rejoicing at the Turkish currency crisis because of Turkey's negative policies toward Egypt in the past decade or so," Mohamed Rabie, an international relations researcher at local think tank, Arab Center for Studies and Research, told Al-Monitor.
