Turkey's business groups said on Tuesday a tighter monetary policy and continuation of diplomatic efforts with the United States is needed amid the serious plummet of the country's currency lira.

"The announcement of fiscal policies which include austerity measures that support a tight monetary policy" should be delivered without any delay, the Turkish Industrialists and Businessmen Association(TUSIAD) and Turkish Union of Chambers and Commodity Exchanges (TOBB) said in a joint statement.

The statement read the business world believes that the U.S.-Turkish disputes should be solved through diplomacy within the framework of a strategic partnership, calling for the restoration of a positive framework in Turkey's relations with the European Union.

The businessmen also urged the authorities to prepare "a concrete roadmap that builds confidence to permanently reduce inflation."

"As the business world, we firmly believe that our economy will quickly return to balanced and sustainable growth through the application of these necessary measures," the statement added.

The Turkish currency has lost around 45 percent of its value against the dollar this year due to a diplomatic rift with the U.S. over the jailed American pastor in Turkey and the growing vulnerability of the Turkish economy.