As the national currency, the lira, started to recover, Turkish President Recep Tayyip Erdogan asked all industries to reduce their high prices. Erdogan told economists and academics in Istanbul, Turkey's financial capital, that the government would pursue companies and sellers who refused to decrease their rates, including "those in the second-hand car and housing sectors," according to media reports.

"I'd like to remind you that I'll be a follower of those that raise their prices multiple times a day," he said. The President remarked that "the foreign exchange rate bubble collapsed in a day" as a result of new measures established to protect savings against national currency fluctuations.

At 4 p.m. on Friday, one US dollar was worth 11.52 liras, after the Turkish currency hit a record low of 18.30 against the greenback on Monday. The new economic policy, based on low-interest rates, will, according to Erdogan, stimulate growth, exports, employment, and production.

Despite rising inflation, the Turkish central bank has cut its benchmark policy rate by 500 basis points since September, pushing the currency to new lows.

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