berat: One of our principles will be ensuring the full independence of monetary policy, Turkish treasury and finance minister Berat Albayrak said as he outlined his ministry's new economic model on Friday, according to The Toronto Star. YASIN AKGUL / AFP/GETTY IMAGES The currency's drop 41 per cent so far this year is a gauge of fear over a country coming to terms with years of high debt, international concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations with allies like the U.S. The diplomatic dispute with the U.S. was one of the triggers that turned market jitters into a full-blown route this week. The lira tumbled 14 per cent in one day, to 6.51 per dollar a massive move for a currency that will make Turks poorer and further erode international investors' confidence in the country. Turkey has arrested an American pastor and put him on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago. The sides held talks in Washington this week but failed to resolve the spat, and Trump took advantage of Turkey's turmoil on Friday to turn the screws on the country. Article Continued Below The U.S. responded by slapping sanctions on Turkey and threatening more.
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