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Turkey is in the throes of a full-blown currency crisis, with the Turkish lira losing almost 45 percent of its value since the start of the year.

"Many countries oppose the pressure of the United States dollar as a means of political and economic coercion, and we see that the demand for payments in national currencies between different countries is increasing", he added.

Turkish Foreign Minister Mevlut Cavusoglu said the United States embassy charge d'affaires was due to visit Brunson on Tuesday, and also adding that talks were under way to come out of the crisis.

"Rates have gone up by 10 percent".

The Turkish central bank has promised that Turkish banks will have all the money they need.

A treasury desk trader at one bank said this "development showed relations with the European Union could recover while tense relations continue with the USA".

"Remarkable turnaround", Tim Ash, Bluebay Asset Management senior emerging markets analyst wrote in a client note. What this does is prevent investors, like hedge funds, from accessing lira liquidity in the offshore swap market.

The lira had already rebounded about 8 percent on Tuesday on news of a planned conference call on Thursday in which the finance minister will seek to reassure worldwide investors.

"They will likely just give warm words to Turkey, looking to exploit the situation and stir things up for the US and the West", said Timothy Ash, senior strategist at BlueBay Asset Management.

A decree signed by President Recep Tayyip Erdogan raised the tariffs on cars to 120%, on alcoholic drinks to 140% and on leaf tobacco to 60%.

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These increases affect a list of more than 20 goods, which Ankara first targeted earlier this summer in retaliation for the Trump administration's broad tariffs on imported steel and aluminum.

The duties were raised in response to the US administration's "deliberate attacks on our economy", Vice President Fuat Oktay wrote on Twitter.

Andrew Brunson's continued detention with charges of terrorism and espionage was cited as the basis of U.S. sanctions on two Turkish ministers on 1 August, which was followed by a doubling on 10 August of United States tariffs on Turkish steel and aluminium to 50% and 20% respectively.

Apple has 22 percent of the smartphone market in Turkey, where 11.4 million units were sold past year, according to Ramazan Yavuz, research manager at IDC consultancy company.

As a result, Turkey needs to tap the global financial market for around $250 billion a year if it is to stay afloat and not default on its external debt obligations.

The promise of an investment package comes after Qatar's Emir Tamim bin Hamad Al-Thani met with President Tayyip Erdogan in Ankara and as Turkey comes to terms with a collapse in the lira amid rising tensions with North Atlantic Treaty Organisation ally the US. A court on Wednesday rejected an appeal for the release of Andrew Brunson from house arrest.

It usually takes a court between 3 to 7 days to process an appeal but a ruling could come sooner in this case, Brunson's lawyer Ismail Cem Halavurt told Reuters.

Brunson was arrested during Erdogan's broad crackdown on political opposition after an attempted coup in July 2016.

Speaking at a press conference with his Turkish counterpart Mevlut Cavusoglu, Lavrov said: "I'm certain that with such abuse, the role of the American dollar as the world reserve currency will weaken and more countries, even not affected by the American sanctions, will get away from dollars".


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