Asia shares, euro pressured by Turkish crisis

Disgruntled by US Erdogan implies alliance with 'other friends'

"The central bank will closely monitor the market depth and price formations, and take all necessary measures to maintain financial stability, if deemed necessary", the bank said in a statement, vowing to provide "all the liquidity the banks need".

Addressing a conference in Ankara gathering Turkish ambassadors, Mevlut Cavusolgu called on the U.S.to "remain loyal to ties based on traditional friendship and North Atlantic Treaty Organisation alliance".

The plunge in the Turkish lira hasn't just rippled into other emerging markets: It is also putting an unwelcome spotlight back on the euro.

Unprecedented punitive sanctions declared by the U.S. President Donald Trump's administration on two Turkish ministers over the detention of an American pastor, as well as doubling tariffs on steel and aluminum, have worsened relations between the North Atlantic Treaty Organisation allies to their lowest over decades. 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.

"From Monday morning onwards our institutions will take the necessary steps and will share the announcements with the market", Albayrak said in an interview late on Sunday night.

His remarks came as President Erdogan, his father-in-law, signaled he would not offer concessions to the USA in what is seen as one of the worst rows between the two North Atlantic Treaty Organisation allies in years.

"Those who can't compete with us on the ground have brought online fictional currency plots that have nothing to with the realities of our country, production and real economy", Erdogan told a provincial meeting of his AK Party in the Black Sea coastal town of Rize. "With God's permission we will overcome this", he added.

A plunging lira has seen economic worries in Turkey.

The central bank has over the last weeks defied calls from markets for rate hikes to combat these problems, raising fears of interference from Erdogan who has repeatedly called for low interest rates.

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"The Turkish currency has been a casualty of a deepening crisis spurred by the administration's growth-at-all-costs agenda and a worsening spat with the United States, which sanctioned Turkey over the detention of an American priest".

President Tayyip Erdogan denied on Saturday that Turkey is in a currency crisis, dismissing a plunge in the lira as "fluctuations" which have nothing to do with economic fundamentals.

"American pastor Andrew Brunson has been held since October 2016 on charges of terror and espionage, and if convicted, could face a jail term of 35 years". Mr Trump has described his detention as a "total disgrace" and urged Erdogan to free him immediately.

Last week, a Turkish delegation went to Washington and met United States counterparts but there was no breakthrough.

Erdogan mentioned the deadline in comments he made Sunday to his supporters in Trabzon, according to Reuters. "We fail to see how the crisis can be resolved without external support", but an International Monetary Fund support package will be hard "given Turkey's current political situation".

The United States is the world's biggest steel importer.

"Before it is too late", Erdogan wrote, "Washington must give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives".

The lira did find a sliver of support when Turkey's central bank said it had lowered reserve requirement ratios for banks.

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