A man shops in a market in Istanbul, Monday, Aug. 13, 2018. Turkey's central bank announced a series of measures on Monday to free up cash for banks a...
A man shops in a market in Istanbul, Monday, Aug. 13, 2018. 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 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. (AP Photo/Mucahid Yapici)
Berat Albayrak, Turkey's Treasury and Finance Minister, gestures as he talks during a conference in Istanbul, Friday, Aug. 10, 2018, in a bid to ease ...
Berat Albayrak, Turkey's Treasury and Finance Minister, gestures as he talks during a conference in Istanbul, Friday, Aug. 10, 2018, in a bid to ease investor concerns about Turkey's economic policy. Albayrak said the government will safeguard the independence of the central bank and outlined his ministry's new economic policy as the currency plunged, raising questions about the country's financial stability. (AP Photo/Mucahid Yapici)
Turkey's President Recep Tayyip Erdogan, gestures as he delivers a speech to Turkish ambassadors at the Presidential Palace in Turkey, Monday, Aug. 13...
Turkey's President Recep Tayyip Erdogan, gestures as he delivers a speech to Turkish ambassadors at the Presidential Palace in Turkey, Monday, Aug. 13, 2018. Erdogan says his country is under an economic "siege" that has nothing to do with its economic indicators. He insisted that Turkey's economic dynamic remain strong and said the Turkish currency would soon settle "at the most reasonable level." (Pool Photo via AP)
ANKARA, Turkey (AP) — The Latest on Turkey's currency crisis (all times local):
11:35 a.m.
Turkey's influential business groups have called on the government to implement tighter monetary policy to help overcome the country's currency crisis.
In a joint statement issued Tuesday, the industrialists' group TUSIAD and the Union of Chambers and Commodity Exchanges also called for diplomatic efforts to resolve a spat with the United States and improve relations with the European Union, which is Turkey's major trading partner.
The business groups also urged the drawing up of a roadmap to reduce inflation.
The Turkish lira has nosedived against the dollar and other currencies in the past week, sparked by concerns over President Recep Tayyip Erdogan's economic policies and a dispute with the United States over the detention of an American pastor, who is on trial on espionage and terror-related charges.
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11:20 a.m.
The Turkish currency has stabilized near record lows as investors gauge the government's next move to avoid a full-blown financial crisis.
The Turkish lira has been hit by concerns over President Recep Tayyip Erdogan's economic policies and a trade and diplomatic dispute with the United States, a NATO ally.
The lira was around 6.55 per dollar Tuesday, up 6 percent from the previous day, when the central bank freed up cash for banks. It remains not far from the record low of 7.23 per dollar hit Sunday.
The currency has nosedived over the past week, accelerating a months-long decline that has seen it drop 45 percent this year.
The state-run Anadolu Agency said the finance chief would address hundreds of foreign investors on Thursday.
