The Turkish Lira experienced runaway inflation in the period 1990-2005; in 1990, one USD = 2500 TL. In 2005, one USD = 1,350,000 TL. A loaf of bread cost 200,000 TL or so.
Erdogan became PM in 2003; in 2005 the Turkish government introduced the "new Turkish Lira" ("YTL") by dividing the currency by 1,000,000.
Around the same time, Erdogan invested heavily in infrastructure projects, boosting the lira.
IMO, this is how he largely rose to populist power -- the economy grew for a short while, and he solidified his base early on.
But since then he's continually blocked the central bank from adjusting rates, presumably to maintain the appearance of a strong economy. This once again caused an inflationary economy.
Now those chickens are coming home to roost. The Turkish lira has been falling steadily against the dollar, and this seems like a move on Erdogan's part to continue the farce and maintain appearances of a strong economy.
He's very scared of the economy being weak, because that was his original source of power with the populace.
This is only an armchair analysis. Take it with a grain of salt.