President Recep Tayyip Erdoğan stated that he lowered Turkey's inflation to 4% before and pledged to do it again, as the country grapples with 21% inflation and soaring prices amid the lira's fall against the dollar.

Speaking at an event attended by African youth on Saturday, Erdoğan said the new policy model based on low-interest rates was part of an "economic independence war," which he said was continuing successfully.

"Sooner or later, just as we lowered inflation all the way to 4% when I came to power, we will lower it again, we will make it fall again," Erdogan said.

"God willing, inflation will begin falling soon."

Inflation fell to around 4% in 2011, before beginning to gradually edge upwards from 2017. It jumped 3.5% in November to 21.3% annually.

On Thursday, Erdoğan announced a 50% increase in the minimum wage that is widely expected to boost overall consumer price inflation by 3.5 to 10 percentage points.

The lira hit a record low beyond 17 against the U.S. dollar on Friday following fears of an inflationary spiral brought on by the new policy. At the low, the lira had lost some 55% of its value this year, including 37% in the last 30 days.

Erdoğan reiterated his view that interest rates cause inflation, adding he will not let Turks "be crushed" under interest rates.

Turkey has been pursuing a new economic model based on lower interest rates, which Erdoğan said will boost production, jobs, exports and growth.

Erdoğan has repeatedly defended the low-rate policy over the last three weeks as necessary to boost growth, exports and credit. The government, regulators and the banking association have all rallied around the new economic policy.

The president has called for "patience" and argued that his approach would ultimately make Turkey less dependent on outside factors such as the scale of foreign investment and the price of commodity goods.