One of four deputy governors of Turkey’s Central Bank relinquished his seat as the country’s battered currency took a further nosedive today after the Argentine peso fell to a record low on Aug. 29. Erkan Kilimci’s resignation comes a fortnight ahead of a critical meeting of the bank’s Monetary Policy Committee, where interest rates are decided. The bank is facing unremitting calls for a radical hike to bolster the plunging lira, which shed around 4% of its value against the dollar in trading today.

The lira has lost roughly 40% of its value against the greenback since the start of the year, adding pressure on banks and companies with high foreign currency liabilities. The International Monetary Fund’s latest staff report on Turkey, for this year and the next, projected the country’s overall external financing need to be in excess of $225 billion. The lower the lira drops, the harder it becomes to roll over foreign currency-denominated debt as it comes due.

The immediate reason for Kilimci’s decision remains unknown. Reuters reported he would be joining Turkey’s state-owned development bank. Turkish President Recep Tayyip Erdogan, who is authorized to name his successor, continues to insist the country’s current woes stem from “economic war” being waged by foreign powers. “They want to put pressure on us by using the economy,” he said at an awards ceremony on Aug. 29. He was referring to sanctions imposed by the United States over the continued detention of North Carolina pastor Andrew Brunson, who in Washington’s eyes is a political hostage. They include the doubling of tariffs on Turkish aluminum and steel.

President Donald Trump has warned further sanctions will ensue should Brunson not be freed. A body blow could likely come in the form of a multi-billion-dollar fine on Turkish state lender Halkbank over its central role in a massive Iran sanctions-busting scheme. The continued vilification of Brunson by the pro-Turkish media, rehashing outlandish claims based on secret witnesses’ testimony, doesn’t augur well. His trial on espionage and terror charges is set to resume in October.