It is lira's most dramatic single-day plunge in nearly 20 years, said analysts, showing concerns over Turkey's already vulnerable economy.

The Turkish currency has dropped about 40 percent against the dollar since the beginning of this year.

The new economic steps revealed by Albayrak on Thursday mainly aim at securing an economic growth of 3-4 percent in 2019, decreasing the inflation rate from the current almost 16 percent to the single digit, and maintaining fiscal discipline.

The Turkish minister also expected to cut the deficit ratio to around 1.5 percent.

Meanwhile, he said Turkey's banks or companies are believed to face no foreign exchange or dollar risks.

"The Turkish banking system is very strong and able to manage financial volatility with its strong capital structure and balance sheets," said Albayrak.

The new Turkish finance minister highlighted the establishment of trust and communication with market actors, along with a tight monetary and fiscal policy, as one of the principles of his new economic approach.

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