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The lira's worst day was Friday, when US President Donald Trump approved the doubling of tariffs on Turkish steel and aluminium, following Turkey's refusal to free a US pastor who has been in detention there for almost two years.

The Turkish lira has nosedived against the dollar and other currencies in the past week, sparked by concerns over President Recep Tayyip Erdogan's economic policies and a dispute with the United States over the detention of an American pastor, who is on trial on espionage and terror-related charges.

He added that "Turkey is under siege". "Turkey is too big and influential a country to be condemned to a single axis".

"A normalisation of relations with the USA could also reduce the amount of legwork that the central bank will have to do to control the economic situation, but this is unlikely to happen at the moment", she added.

Concerns about contagion were recently reinforced by a report in the Financial Times saying that the European Central Bank is concerned about the exposure of eurozone banks to Turkey. The central bank's action is a "definite signal" that the central bank is tightening monetary policy, said Erkin Isik, a strategist at Turk Ekonomi Bankasi AS.

The currency has been collapsing after Donald Trump doubled import duties on steel and aluminium as part of fresh sanctions on the country.

Erdogan has allegedly insisted that in exchange for Brunson, the probes be dropped.

Lira-denominated instruments became popular for their high yields. The role of construction in the Turkish economy, for example, is comparable to that in Spain or Ireland ahead of the European bust a decade ago, he said. Zarrab, who pleaded guilty, cooperated as a witness for the state.

Why is Erdogan mad at the United States?

But in what now seems like a gross miscalculation, Erdogan held out for more. It confirmed that Kuwait's Finance Minister Nayef Al-Hajraf met with Albayrak at Kuwait International Airport on Sunday evening.

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The Turkish lira plummets, losing some 16 percent of its value against the dollar in one day.

The lira has shed 40% of its value since the start of the year. "Our currency was directly targeted by the American president", he added.

Russia, Brazil, Argentina, South Africa and Mexico have also seen their currencies fall over the last week.

He said: "There is no speculative attack on Turkey, just markets behaving rationally".

USA 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. Erdoğan has insisted that Turkey remains committed to the principles of an open market economy but one option for the government is to try capital controls as a way of taking pressure off the lira.

In the case of the American pastor, the lawyer representing Andrew Brunson again asked a Turkish court to release him from house arrest.

The difference is that unlike Russian Federation, the U.S. and Turkey are North Atlantic Treaty Organisation members. "The relationship is now out of the hands of those [US officials] who traditionally manage it", a congressional source speaking on condition of strict anonymity told Al-Monitor.

Investors are anxious about a confluence of factors including Turkey's reliance on foreign loans, which become more hard to repay when the country's currency is plunging.

The State Department says it respects the election result.