I'm certainly not any kind of expert on Turkey's economy. I'll just link to graphs that show the effects, someone smarter can debate the cause and effect.
The rate cuts in Turkey began in September 2021:
https://tradingeconomics.com/turkey/interest-rate
The inflation rate soared from 20% to over 80% soon afterwards:
https://tradingeconomics.com/turkey/inflation-cpi
It's now stabilized to "only" 55% because of decreased energy price pressures, apparently.
The M2 money supply in Turkish liras is climbing, but not in the same proportion as the rate cuts and inflation:
https://tradingeconomics.com/turkey/money-supply-m2
Turkey has also been spending its foreign currency reserves to prop up the lira. They've experimented with extraordinary measures like a government guarantee to protect Turkish account holders against currency depreciation, in an effort to make people keep liras in banks rather than hard currency:
https://www.kcl.ac.uk/news/supporting-the-turkish-lira-asses...
So Erdogan's Turkey is an interesting basket case all around — one for future economics textbooks maybe.
The rate cuts in Turkey began in September 2021:
https://tradingeconomics.com/turkey/interest-rate
The inflation rate soared from 20% to over 80% soon afterwards:
https://tradingeconomics.com/turkey/inflation-cpi
It's now stabilized to "only" 55% because of decreased energy price pressures, apparently.
The M2 money supply in Turkish liras is climbing, but not in the same proportion as the rate cuts and inflation:
https://tradingeconomics.com/turkey/money-supply-m2
Turkey has also been spending its foreign currency reserves to prop up the lira. They've experimented with extraordinary measures like a government guarantee to protect Turkish account holders against currency depreciation, in an effort to make people keep liras in banks rather than hard currency:
https://www.kcl.ac.uk/news/supporting-the-turkish-lira-asses...
So Erdogan's Turkey is an interesting basket case all around — one for future economics textbooks maybe.