Against the background of the lira crisis, the Turkish President Recep Tayyip Erdogan criticized the current economic theory on interest as the “capitalist logic of the West” and defended his low interest rate policy.
Even people close to him believed that high interest rates could fight high inflation.
"But as long as I live, I firmly maintain that key interest rates are the reason and inflation the result," said Erdogan on Friday.
Erdogan used the Koran again to defend his low interest rate policy.
Islam forbids very high interest rates or savings and usury.
Scholars, however, are divided on how a reasonable profit can be formulated.
Regarding the economic turmoil, Erdogan said he was sorry that there had been losses.
"But it is our duty to do what is right for the good of our country and our people."
More than two billion dollars raised
Erdogan also called on the population to feed gold savings into the Turkish banking system.
"The more of the 5000 tons that are stored under the pillows is brought into the economy, the more we grow stronger as a country and as a people."
As a result of the devaluation of the lira, many people in Turkey had invested in alternatives such as gold.
Even Turkish companies that do not trade in foreign currencies should not use any financial instrument other than the lira, Erdogan said.
Given the high fluctuation in exchange rates and price fluctuations in the country, he said he expected a "rapid normalization".
The Turkish central bank has intervened five times in the capital market in the current month.
According to the central bank on Friday, the first three times raised more than $ 2 billion.
The Turkish central bank has been following a strict rate cut since late summer, despite high inflation of recently a good 21 percent.
The rate of decline in the lira will fuel inflation even further.
President Erdogan is constantly putting pressure on the central bank to cut interest rates further.
He has already dismissed senior central bankers who opposed his course several times.