Economy of Northern Cyprus

President Recep Tayyip Erdogan on Sunday said the crash of the Turkish lira, sparked by a bitter dispute with the United States, was a "political plot" against Turkey and warned Ankara would now seek new markets and partners.

Turkey's Central Bank has announced a series of measures to support the Turkish Lira, vowing to provide "all the liquidity" needed by banks.

Turkey's Treasury and Finance Minister Berat Albayrak has said that an action plan is coming into effect starting early Aug. 13 to support the Turkish Lira.

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

President Tayyip Erdogan told Turks on Friday to exchange gold and dollars into lira as the country's currency plunged as much as 14 percent on worries about his influence over monetary policy and worsening relations with the United States.

Turkey's competition authority imposed a 143 million Turkish Lira ($26.1 million) fine on Enerjisa units for abusing the dominant position in the market, the authority said in a statement on Aug. 9.

The Turkish Lira briefly tumbled to a fresh low near 6.5 per dollar on Aug. 10, as a deepening rift with the United States and intensifying worries about the state of the economy dragged on the currency again.

Just days before Greece is to emerge from its international bailouts, upheaval in international markets took a toll on Greek bonds on Thursday, driving yields up above 4 percent.

The increased turbulence comes amid market jitters ahead of the unveiling this fall of Italy's 2019 budget by the country's new Euroskeptic coalition government.

In an attempt to curb Turkish Lira's plunge, Turkey's Central Bank lowered the foreign exchange markets reserve requirement limit on Aug. 6.

The Turkish Lira slid to a record low beyond 5 to the dollar and stocks fell on Aug. 2, after the United States imposed sanctions on two Turkish ministers over the trial of a U.S. pastor accused of backing terrorism.