Turkish president: U.S. set deadline to release detained pastor

Turkish President Tayyip Erdogan addresses members of his ruling AK Party in Rize Turkey

The Turkish lira has nosedived over the past week and tumbled another 7 percent on Monday as the central bank's measures failed to restore investor confidence.

Turkey remains at loggerheads with the United States in one of the worst spats between the two North Atlantic Treaty Organisation allies in years over the detention for the last two years of American pastor Andrew Brunson and a host of other issues.

"There's a risk-off mood generally triggered by the Turkish currency sell off, and we are seeing a wider sell-off now, and it's looking pretty ugly in other emerging markets as well", said Investec economist Philip Shaw.

The Lira extended its selloff and fell by up to 11% against the Dollar in thin trading in Asia, before trimming losses after the Turkish Banking Regulation and Supervision Agency stepped in to limit swap transactions on the currency.

Mr Cavusoglu said: "We support diplomacy and negotiations but it is not possible for us to accept impositions".

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The measures come after the Turkish lira hit record lows against the dollar amid a widening diplomatic spat with the United States.

Meanwhile, Turkey moved to take legal action against hundreds of social media accounts it accused of provoking the lira's plunge.

The Chief Prosecutor's Office in Istanbul has opened an investigation into actions threatening "economic security", while Turkey's financial watchdog launched a separate probe into what it described as "fake news" aiming to manipulate economy. The Capital Markets Board of Turkey issued a similar warning to those who spread "lies, false or misleading information, news or analysis".

But, investors in the public cryptocurrency exchange market have full authority over their funds and are free to sell their holdings of Bitcoin to other foreign currencies like the USA dollar, Japanese yen, and the South korean won. On Wall Street, investors have responded to Turkey jitters by selling equities and buying government bonds.

The shekel is weakening today against the dollar and strengthening against the euro. Major exporters including technology, basic materials and industrial companies sank.

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"The "Turkey shock" from last weekend, triggered by sharp plunges of the lira, has fuelled fears that it may impact financial institutions in Europe", it said. But there are other factors weighing down the lira.

Turkey's currency dropped again Monday as the country wrestled with a crisis that has rattled markets around the world.

"The fluctuation in the Turkish Lira is a plot against Turkey, but the Turkish people will not give in", the Turkish president defiantly said on Sunday in a live speech in northwestern province of Trabzon, sharply criticizing the United States of waging an "economic war" against his country. In the absence of a decisive rate increase, he said, "it is...hard to look at these announcements as being anything more than temporary calming measures, rather than solutions to the problems at hand".

Last night the troubled currency dropped to a low of 7.24, although pulled back to around 6.92 to the dollar after finance minister Berat Albayrak said the country would begin implementing its economic action plan on Monday morning.

The central bank was ready to provide lira liquidity to banks if needed at an overnight rate of 19.25 pct - 150 basis points higher than the weekly repo rate - bankers told Reuters after the bank did not hold its regular repo auction on Monday.

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This will free up L10bn, and the equivalent of $3bn of gold liquidity in the financial system, the bank said.

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