Investors are anxious not only about Turkey's souring relations with the U.S., a longtime North Atlantic Treaty Organisation ally, but also Turkish President Recep Tayyip Erdogan's economic policies and the country's high debt accumulated in foreign currencies. Tension between the North Atlantic Treaty Organisation allies has been cranked up over Turkey's detention of a pastor, with the fallout sending the lira tumbling to record lows against the dollar.
Turkey asked the United States to get a prisoner out of Israeli jail, which the USA did the next day, according to The Guardian.
On Monday, Erdogan turned his attention to social media with the announcement that Turkish authorities are investigating 346 accounts that "provoke the currency rate increase", the official news agency Anadolu reported.
Hamdi Ates, corporate communications director at Turk Telekom, posted a similar message on Twitter.
Ankara acted amid increased tension between the two North Atlantic Treaty Organisation allies over Turkey's detention of a pastor and other diplomatic issues, which have helped to send the lira tumbling to record lows against the dollar. The Turkish leader had already said the US risks pushing a key North Atlantic Treaty Organisation member to seek allies elsewhere. Turkey regards the Kurdish fighters as terrorists.
The Turkish lira has dropped to record lows in recent weeks, having fallen 42 per cent so far this year.
Argentina's stock market indicator Merval was also whacked by uncertainty and it was down 3.46% on Monday
"In light of all the turmoil we've seen out of Turkey and the subsequent contagion into other emerging markets, the dollar is pretty much establishing itself as the safe-haven currency", said Bart Wakabayashi, Tokyo branch manager at State Street Bank.
The Turkish envoy conveyed the message the pressure and threats would only lead to a "chaos" in relations which could only improve after Washington abandons the language of "threats", Cavusoglu said.
Unfazed by Turkey's escalating economic turmoil, Erdoğan suggested he would snub US-made iPhones in favour of other mobile brands produced domestically or in other countries.
The euro recovered on Tuesday from earlier losses linked to the collapse of the Turkish lira, but investors said the exposure of European banks to Turkey would continue to trouble the single currency.
Another analyst cited by CNBC, Dennis Gartman, found it "dismaying" that the United States has "chosen to kick Turkey while the latter is down and suffering a severe bout of economic pain".
In a joint statement issued on Tuesday, the industrialists' group TUSIAD and the Union of Chambers and Commodity Exchanges called on the government to allow the central bank to raise interest rates to help overcome the currency crisis.
After travelling to Turkey, Mr Lavrov said: "I am confident that the grave abuse of the role of the United States dollar as a global reserve currency will result over time in the weakening and demise of its role". "In our own country we have Vestel", said Erdogan.
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