“In response to the latest manipulations in the foreign exchange markets, the state took steps to protect the national currency, which allowed the Turkish lira to stabilize,” Erdogan said.
He also stressed that "interest rates have been decreasing and will continue to decrease, and with them the inflation rate in Turkey will decrease."
Earlier, Erdogan, in a televised address following a Cabinet meeting, said that currency speculation and price increases would not force the country to turn off the path of lowering interest rates and Turkey would not surrender its economy to external forces on the terms of the International Monetary Fund.
In early January, Turkish Treasury and Finance Minister Nureddin Nebati announced the stabilization of the lira exchange rate.