According to Erdogan, it is not about economics. He says that is is following Islamic teaching. Technically any interest being charged is haram.

> “What is it? We are lowering interest rates. Don’t expect anything else from me,” Erdogan said Sunday in televised comments from Istanbul. “As a Muslim, I’ll continue to do what is required by nas,” he said, using an Arabic word used in Turkish to refer to Islamic teachings.

https://www.bloomberg.com/news/articles/2021-12-19/turkey-s-...