The lira is now down 36% this year and bond yields have sky-rocketed.
The Turkish lira has updated a record low against the United States dollar after a delegation from Ankara left Washington without a solution to a diplomatic conflict over the arrest of an American pastor in Turkey.
However, a defiant Erdogan brushed aside concerns, telling a roaring crowd of Turks in the Black Sea city of Rize not to worry.
"Don't forget, if they have their dollars, we have our people, our God". We are working hard.
"The rand and other EM currencies on the back foot as sentiment sours", Rand Merchant Bank analysts said in a note, adding that this was due to "geopolitical concerns and the negative impact of the US-China trade spat on global growth".
Turkey remains at loggerheads with the United States in one of the worst spats between the two North Atlantic Treaty Organisation allies in years over the detention for the last two years of American pastor Andrew Brunson and a host of other issues.
US President Donald Trump wrote on Twitter late last month that his country "will impose large sanctions on Turkey for their long time detainment of Pastor Andrew Brunson".
Ankara and Washington also disagree over their military interventions in the Syria war, Turkey's plan to buy missile defense systems from Russian Federation and the USA conviction of a Turkish state bank executive on sanctions-busting charges in January.
TRY now comes under pressure once again after the press conference by President Erdogan is failing to ignite some interest around the currency, all amidst a "radio silence" from the Turkish central bank (CBRT).
Albayrak made the comments at a presentation in Istanbul to announce and outline the economic plan.
Ankara is turning towards China to overcome what Erdogan said were "subjective evaluations" from ratings agencies.
And even if eurozone exports to Turkey fell through the floor, previous experience has shown that European companies are "pretty quick in identifying and switching to new markets". Let's see if we'll have the potential to get there after Erdogan's speech.