(Bloomberg) -- Turkish President Recep Tayyip Erdogan is taking steps to ensure protests across the country don’t worsen and to contain a rout in financial markets, even as he turns the screws on opponents.

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It looks like he’s succeeding, despite it costing the country almost $27 billion in reserves to defend the national currency.

Hundreds of thousands of Turks are taking to the streets daily since the detention of Erdogan’s main rival and mayor of Istanbul, Ekrem Imamoglu, last Wednesday. Yet the demonstrations haven’t reached a point to suggest Erdogan’s position is at risk, and markets rebounded significantly on Tuesday, with Turkish stocks posting the strongest gains globally.

Authorities say they’ve detained more than 1,400 people for “illegal” protests. Still, police are refraining from a severe crackdown of the kind that characterized demonstrations in 2013 and led to widespread international condemnation. The government now hopes they will ease as the country heads into the Eid holiday period this weekend, according to senior officials.

In an attempt to sooth market concerns, Erdogan pledged his commitment late on Monday to the investor-friendly economic policies he embraced following his re-election in 2023, which included a hike in interest rates to tame inflation. A day later, Finance Minister Mehmet Simsek, a former Wall Street banker, told investors on a call he would do “whatever it takes” to stabilize markets.

The reaction from investors has contrasted with the tepid response from Europe and the US, with President Donald Trump’s government calling the moves against Imamoglu an internal matter.

The corruption charges against the mayor, which he denies, might eliminate him from a future presidential election race. He also faces terrorism-related charges of allegedly aiding separatist Kurdish groups.

Foreign Minister Hakan Fidan and US Secretary of State Marco Rubio are set to have talks in Washington on Tuesday. They could decide on the date of a White House meeting between Erdogan and Trump, probably toward the end of April, the Turkish officials said.

With neighboring Syria in flux after the fall of Bashar Al-Assad and Trump seeking to end Russia’s war in Ukraine, Erdogan is banking on Turkey’s status as the second-largest NATO power will give him cover to pursue his agenda at home. Erdogan wants to buy F-16 and F-35 jets from the US as parts of his efforts to bolster his military, Bloomberg has reported.