Asian stock markets recover from the escalating financial crisis in Turkey

Traders work on the floor of the NYSE in New York

Turkey's central bank announced a series of measures on Monday to free up cash for banks as the country grapples with a currency crisis.

The Turkish crisis and the potential contagion is in full swing after the CBRT failed to calm investors.

Investors seemed to look through the fiery rhetoric, pushing the lira off record lows on reports that Turkish and US government officials held talks on Monday.

Russia's Foreign Minister Sergei Lavrov, who is visiting Ankara, branded the U.S. sanctions an illegitimate policy at a news conference on Tuesday.

His remarks came after the lira's plunge had turned into a rout toward the end of last week after US President Donald Trump announced the doubling of tariffs on Turkish steel and aluminum imports. The dispute with the USA has exacerbated Turkey's economic troubles.

Lavrov says that Washington's policies will undermine the dollar's position as the worldwide reserve currency of choice.

"We will boycott American electronic products", Erdogan said, adding that Turkey would produce a better version of every product previously bought with foreign currencies and export them. "Our relations with Turkey are not good at this time!" he says on Twitter.

The lawyer representing an American pastor held in Turkey has renewed an appeal for his release from house arrest. Ankara says the decision is up to the courts. A delegation from Washington, D.C., reportedly left Turkey last week without making progress on Brunson's case, raising the threat of further sanctions from Trump. In particular, the report flags that Spain's BBVA, Italy's UniCredit and France's BNP Paribas, all of which have significant operations in Turkey, are especially exposed.

Turkish President Recep Tayyip Erdogan on Sunday (Aug 12) slammed the crash of the lira amid a widening spat with the United States as a "political plot" and said his country would instead seek new markets and new allies.

"If they have iPhone, there is Samsung on the other side".

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It was unclear whether Erdogan's call was widely heeded, but a Turkish news agency said traders in Istanbul's historic Eminonu district converted $100,000 into lira on Tuesday.

In a televised speech on Friday, he called on Turkish citizens to exchange foreign currency and gold for lira, calling it an "economic war".

Turkish President Recep Tayyip Erdogan said on Monday the United States was seeking to "stab it in the back".

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.

US National Security Adviser John Bolton met with the Turkish ambassador to Washington on Monday, suggesting that diplomatic efforts are continuing, according to the AP.

But the bank did not increase interest rates, which would help contain inflation while supporting the lira.

They shared a list of 30 Turkish brands, including Turkish Airlines, urging people to support them as much as they can.

Turkey has pledged it will take action to calm markets after the lira plunged to a new record low in Asian trading.

The lira currency, which has lost more than 40 percent against the US dollar this year, pulled back from a record low of 7.24 earlier on Monday after the central bank pledged to provide liquidity, but it remained under selling pressure and its meltdown continued to rattle global markets.

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