The Turkish Lira has slide rapidly since the United States slapped sanctions on two Turkish ministers, and extended its slide Monday morning to a new record low, at over 6.8 to US dollar at the opening of European and Turkish markets.
The latest blow came on Friday, when US President Donald Trump said he had approved the doubling of tariffs on Turkish steel and aluminium.
"All our precautions and actions plans are ready", he added, without elaborating.
Turkey's worsening currency crisis sent world equities lower and cut into the value of emerging market stocks and currencies on Monday, while boosting the prices of German bonds and other stable assets.
The lira has tumbled on worries over Turkish President Tayyip Erdogan's increasing control over the economy and deteriorating relations with the United States.
In his words, Turkey is once again facing "political and bad game".
"With God's permission we will overcome this", he says.
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.
Erdogan renewed his call for Turks to sell dollars and buy lira to boost the currency, while telling business owners to not stockpile the American currency.
Erdogan has in recent years built closer ties with countries in Latin America, Africa, and Asia.
Yet he remained optimistic, saying "it is not at all like we sank and we are finished.The dynamics of the Turkish economy are solid, strong and sound and will continue to be so".
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"You dare to sacrifice 81-million (in) Turkey for a priest who is linked to terror groups?"
The drop is down to a flawless storm of fresh USA sanctions against the country, economic conditions in Turkey, and a strong dollar that is pulling foreign investment out of Turkey and back to the United States. Trump has called the preacher's detention a "total disgrace".
A delegation led by Turkish Deputy Foreign Minister Sedat Onal failed to secure a deal last Wednesday in talks in Washington on a number of issues including Brunson.
Investors question whether Erdogan's government can cope with the plunging currency, the diplomatic spat with Washington and other problems.
The day after the summit, Israel let the Turkish woman walk free, but Turkey merely moved Brunson from jail to house arrest, where he remains today.
"The plunge in the lira, which began in May, now looks certain to push the Turkish economy into recession, and it may well trigger a banking crisis", said Andrew Kenningham, chief global economist at Capital Economics.
Analysts have given Turkey just days to resolve the crisis before it spills over into longer-term implications for the country's financial stability, with the contagion threatening banks including HSBC.
The lira has fallen nearly 30 per cent so far this month on concerns about President Tayyip Erdogan's reluctance to raise interest rates despite rising inflation and a deepening diplomatic rift with the United States.
People pass in front of into a jewellery shop where gold bangles are on display in Istanbul on August 8, 2018.
In his statement, Erdogan also said that interest rates are a means of exploitation, making the rich richer and the poorer even poorer.
Erdogan also hit back at U.S. authorities for convicting Mehmet Hakan Atilla, 47, deputy director general of Turkish lender Halkbank on charges of helping Iran evade USA sanctions on billions of dollars of oil proceeds.