The lira tumbled by 12 percent on Monday, Aug. 13 but recovered to a loss of 7 percent, leading some economists to warn it could trigger the next financial crisis.
Although Turkey's currency rose Tuesday, the war of words with the USA that helped trigger the crisis continues.
The top US diplomat in Turkey has called for the cases against an American pastor and others held in Turkey to be resolved "without delay" and in a "fair and transparent manner".
On August 10, US President Donald Trump announced higher tariffs on Turkish imports of steel and aluminum.
The visit came hours after Brunson's lawyer appealed to a court for his release and for a travel ban against him to be lifted.
The first warning sign trouble could be afoot came when Trump said on July 26 Turkey would be facing sanctions over its holding for nearly two years of United States pastor Andrew Brunson on terror-related charges. "Even if all these claims were to be written off-they won't be-the impact on the USA banking system would be minimal".
Sergey Lavrov, speaking after talks Tuesday with his Turkish counterpart, Mevlut Cavusoglu, said the wide use of sanctions reflect Washington's desire to win domination and secure unilateral advantages for its businesses.
The difference is that unlike Russian Federation, the US and Turkey are North Atlantic Treaty Organisation members.
The Turks have exhausted the possibility of interest rate hikes and are backed into a corner by their inadequate level of currency reserves, Paul McNamara, emerging markets investment director at GAM Investments in London, said in a note. This difference between import and export of goods and services has been filled through external borrowing in foreign currency.
What about the Turkish economy?On July 25 he is moved to house arrest.
U.S. support for Kurdish rebel groups fighting Islamic State (IS) fighters in northern Syria is another major difficulty, given Turkey's battle against a Kurdish insurgency in its own country.
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Mr Brunson has denied charges of espionage, but faces up to 35 years in jail if found guilty.
"For months, the Trump administration has been disputing with Turkey over a "...currency crisis sparked by concerns over President Recep Tayyip Erdogan's economic policies and a trade and diplomatic dispute with the United States", reports CBS News. As President Recep Tayyip Erdogan lashed out at the USA, took higher rates off the table and said he wouldn't accept an global bailout, traders pushed down Turkish assets in a selloff that spilled over to other developing economies.
Not much yet. Turkey's finance minister said they would start implementing an action plan on Monday but gave no further details.
Erdogan also said that the country could depend on Venus and Vestel, two of Turkey's domestic smartphone brands.
With Turkey's currency crashing, the government's response has been to blame outsiders and double down on a bad economic policy that is only making it worse.
They also called on Turkey to work with the United States to improve relations.
The business groups also urged the drawing up of a roadmap to reduce inflation.
As the currency loses value, those who want to travel overseas will find it more hard to do so unless they have a bigger financial cushion.
After free-falling on Monday, Turkey's already troubled lira began showing signs of stabilizing on Tuesday, climbing 5 percent.
The currency has been steadily declining for the past year.