Three big companies operating in Dogubank, a trade center specialized in the sales of electronic products in central Istanbul, suspended 50 million USA dollars' worth of iPhone orders, the Turkish daily said.
The lira held steady during Albayrak's conference call but later weakened when Treasury Secretary Steven Mnuchin said the United States was prepared to levy more sanctions on Turkey if detained American pastor Andrew Brunson was not freed. "We have more that we are planning to do if they don't release him quickly".
The Turkish diplomatic source, who is well-informed on the talks between the two countries, said that in order to stem the economic crisis, the government knows it will have to solve the diplomatic crisis with the U.S., but has struggled to negotiate a workable deal.
Trump's comments came after a court in Turkey's western Izmir province rejected an appeal to release Brunson from house arrest, saying evidence was still being collected and the pastor posed a potential flight risk, according to a copy of the court ruling seen by Reuters.
The row has seen Ankara put around $500 million of tariffs on some U.S. imports and boycott American electronic products in retaliation for the Trump administration's sanctions on some Turkish officials.
The United States and Turkey have exchanged tit-for-tat tariffs in Trump's attempt to persuade Turkish President Tayyip Erdogan to give up Brunson, who denies charges that he was involved in a coup attempt against Erdogan two years ago.
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A senior USA official told CNN that in exchange for Turkey's release of Brunson, Israel agreed to release Ebru Ozkan, a 27-year-old Turkish woman held in Israel on suspicion of aiding Hamas, the Palestinian militant group that controls Gaza.
Albayrak said Turkey's banks are "healthy and strong" and that implementing structural reforms and maintaining a tight monetary policy to fight inflation remain a priority. He went on Twitter to describe the priest as a "great patriot" taken "hostage" by Turkey.
"There has been no improvement in relations with the USA and additional sanctions may be on the horizon", said William Jackson of Capital Economics in a note to clients, adding that the lira could see a downward trend in 2019 and beyond.
Analysts also said the political cost of the investment remained to be seen, given that Qatar is also a United States ally and dependent on Washington for both military and political protection. -China trade relations helped markets recover Thursday after officials said they would hold lower-level talks later this month on the trade dispute.
The investment package was announced after Qatar's Emir Tamim bin Hamad Al-Thani met President Tayyip Erdogan in the capital, as Turkey grapples with a collapsing lira and a worsening commercial and political standoff with North Atlantic Treaty Organisation ally the United States.
The turmoil has raised fears of a looming economic crisis in Turkey and prompted alarm that foreign investors in the country, including Qatar, could be hit in the fallout.
There are signs that the weakness in Turkish currency markets is already spreading.