The Turkish lira has been targeted by U.S. President Donald Trump himself, and Turkey has prepared an action plan to soothe its volatility against the dollar, Treasury and Finance Minister Berat Albayrak said late Sunday. This is called carrying out an operation against Turkey", he said.
The lira dropped by 17 percent against the United States dollar at one point on Friday, which has people anxious that Turkey's crisis could harm worldwide markets.
The dollar got stronger, partly because the Turkish lira nosedived, and major exporters like technology, basic materials and industrial companies sank. "With God's permission we will overcome this", he added.
"There is no economic reason for the present (currency plunge) situation".
"I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars", he said.
He added that businesses should "know that keeping this nation alive and standing isn't just our job, but also the job of industrialists, of merchants".
The dispute between the two North Atlantic Treaty Organisation allies - which reached new intensity over the detention of an American pastor in Turkey - has hammered the lira and also raised questions over the future partnership between Washington and Ankara.
Turkish President Recep Tayyip Erdogan on Saturday warned the USA that it risked losing a "strategic partner" due to demands made by the U.S. government that Turkey release an American pastor who was arrested on terrorism charges.
"We are never accepting this order which declared economic war to the entire world and which held countries to ransom through sanction threats", he added, referring to the United States administration.
"We can only say "good-bye" to anyone who sacrifices its strategic partnership and a half century alliance with a country of 81 million for the sake of relations with terror groups", he said.
We look the issue straining relations between the U.S. and Turkey. "You dare to sacrifice 81 million Turks for a priest who is linked to terror groups?"
Erdogan signaled he was not looking to offer concessions to the United States, or financial markets.
Trump has described the pastor's detention as a "total disgrace" and urged Erdogan to free him "immediately". In particular, were already imposed personal sanctions on the Turkish Ministers of justice and internal Affairs.
Last week, a Turkish delegation went to Washington and met with US counterparts, but there was no breakthrough.
Washington slapped sanctions on Turkey's interior and justice ministers this week, angering Ankara which responded with the tit-for-tat move, with Turkey saying they will freeze the assets of the USA "justice and interior ministers" last week.