Turkey's inflation rate rose to nearly 25 percent in September, as the economy suffers further from the Turkish lira's dramatic fall.
The IMF urged Turkish authorities faced with a falling currency and surging inflation to pursue "sound" economic policies to stabilize the situation.
Turkish President Erdogan vowed Ankara would pursue non-dollar transactions in trade with Russia and other countries, accusing the US of behaving like "wild wolves."
President Erdogan said despite efforts to target the Turkish lira, the currency collapse will end.
Turkey's embattled lira tumbled almost five percent in value as the resignation of the deputy central bank governor intensified market concerns over the direction of monetary policy.
Turkey has to deal with $179 billion external debt that is almost equal to a quarter of its annual economic output, according to an estimate by JPMorgan reported on Wednesday.
Ratings agency Moody's on Tuesday downgraded its credit ratings on 20 Turkish financial institutions due to the increased risk of a "downside funding scenario" after the collapse of the…
Consumers have been buffeted by surging costs and economic uncertainty, with the Turkish currency sinking 20 percent in a month and 40 percent since the start of the year.