He said Turkey would bring inflation under control after New Year’s and that supermarkets were well stocked.
Central banks around the world are taking the reverse action from Turkey, aggressively raising rates to target soaring inflation.
The U.S. Federal Reserve hiked rates by a large three-quarters of a point for the third consecutive time Wednesday, followed Thursday by the Swiss National Bank's biggest hike ever to its key interest rate. The Bank of England enacted a smaller half-point hike as other banks from Europe to Canada move quickly to rein in rising prices.
Official Turkish statistics released this month showed annual inflation was the worst among the Group of 20 major economies, but independent experts say inflation is actually much higher.
Critics also say the independence of the central bank and the official statistical institute have been undermined under Turkey's presidency.
Last year, the currency kept hitting record lows as the central bank lowered interest rates from 19%. When it finally hit 18.36 against the dollar, Erdogan announced extraordinary measures that he claimed would safeguard the lira.
The government encouraged people to swap their dollars for the lira and place them in a deposit account that would give the interest rate plus any lira depreciation against the dollar. Though the lira rebounded after that announcement to a high of 11.09, it steadily declined this year.