Turkish President Recep Tayyip Erdogan attends the opening ceremony of the Scientific and Technological Research Council of Turkey (TUBITAK) Excellence Centers in the northwestern province of Kocaeli, Turkey, on Aug. 9, 2020. Erdogan said on Sunday that Turkey has become the third country to develop vaccines locally against COVID-19 after the United States and China, according to the World Health Organization. (Xinhua)

Turkish President Recep Tayyip Erdogan vowed Sunday to rein in inflation decimating Turks' purchasing power and doubled down on his opposition to high interest rates.

Erdogan has gone against orthodox economic thinking as part of a "war of economic independence," arguing repeatedly that high rates push up inflation.

"Sooner or later, just as we lowered inflation to 4 percent when I came to power... we will reduce it again," Erdogan said after a Turkey-Africa summit ended Saturday.

The last time consumer prices reached around 4 percent was in 2011, but inflation has steadily risen since 2017.

Under pressure from Erdogan, the central bank has cut the main interest rate by 500 basis points since September.

The bank reduced the rate for a fourth time last week even though the annual inflation rate reached 21.31 percent in November, with experts predicting another rise in December.

The Turkish leader said "nothing else but" cutting rates should be expected in the speech in Istanbul later Sunday.

He also claimed Turkey was coming under "absurd attacks," and launched a verbal assault on the influential Industrialists' and Businessman's Association (TUSIAD).

TUSIAD angered Erdogan after calling Saturday on the government to abandon current economic policies and a return to the "rules of economic science."

Erdogan has sought lower interest rates to stimulate growth and production and boost exports.

But the Turkish lira has taken a battering, losing nearly 40 percent in value against the dollar since the start of November, with fears of a further devaluation.

AFP