Erdogan changed tack in support of the program after Turkey's central bank cut its one-week repo rate, reversing years of unorthodox economic policies and easy monetary policy he had championed after 18 months of tightening efforts.

Erdogan told members of the Justice and Development Party (AKP) in the northwest region: "The first priority of our economic plan is to reduce inflation... In addition to monetary policy, we hope to reduce inflation by using other tools at our disposal. to the required level.

"We're definitely going to start lowering interest rates. 2025 is going to be a landmark year," he said.

"Interest rates will come down, inflation will come down. We're going to take this step. It's essential for us."

Erdogan has described interest rates as the "biggest enemy" and said last month that inflation would fall with interest rates.

The central bank earlier announced it had reduced the number of policy meetings scheduled for next year to eight from 12 in 2024.

The central bank is expected to cut interest rates to around 28.5% by the end of 2025, according to the median forecast in a Reuters poll, with forecasts ranging from 25% to 33%.