[crabsand]

Interest rates were intentionally kept low after the pandemic to let wheels running. Erdogan had an election to win and made "interest is forbidden in Islam" as a slogan for economic policy and also lower rates was good for unemployment, which is good for elections. Also you can't just say "we'll devalue the currency in your pocket so you'll be poorer but this is necessary to make industrial exports to be competitive with China" to your voters.

The new plan after the election is single digit inflation in 2027. I don't think he will live that long to see it, he's ill, but yeah, it's the usual economics after all.