There was no sign on Wednesday that the US and Turkey were able to make any progress in resolving a diplomatic impasse after a delegation from Ankara met with top State Department officials.

The news didn’t help Turkey’s fast-depreciating currency, which found a fresh record low on Thursday, falling 4% to 5.49 per US dollar.

Tensions between the two countries flared up when the Donald Trump administration demanded the release of American pastor Andrew Brunson, a request quickly denied by President Recep Tayyip Erdogan’s government.

It was reported that Erdogan’s son-in-law and Turkey’s new finance minister, Berat Albayrak, were set to unveil a “new economic model” on Friday, but the announcement did little to reassure investors.