[iex_xei]

As a Turk, I also see Erdoğan's "fiscal ideas" as "crackpot", but he may be betting on something like "replacing China as a manufacturing engine for Europe", or "staying competitive in slower world economy."

Explanations like "he's an Islamist opposed to interest" does not hold water. It's just something he uses to explain the policy to masses. I'm almost sure that the reason behind high inflation / lower interest rates is intentional. He's intentionally making the population poor. He can't tell this straightly, so he's using religious slogans.

I'm not sure about the real reason, but I don't think he'll lose the next election in 2023, and he knows to calculate the effects of his policies. "To feed up his cronies" is a lazy explanation. He already had that power, why would he risk that opportunity with crazy politics.

Also, most of the savings (>80%) are in USD here. Most of the assets are priced in USD. When you buy/sell a house, you talk the price in USD. Working class with a fixed income is certainly affected direly, but the economy itself is moving. Personally I saw many times he played his cards correctly, despite seemingly unreasonable moves. I'd like him to go, but I doubt the situation will cause him to lose election.