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That would trigger yet more political turmoil, which could bring protesters onto the streets and send foreign capital running for the exit.
這么做會引發更多的政治動蕩，會讓抗議者們走上街道，讓外資紛紛撤離。
Investors distinguish clearly between countries that do and do not have free and peaceful elections,
投資者們清楚地區分出了有自由和平選舉的國家以及沒有自由和平選舉的國家，
says Ibrahim Turhan, a former chair of the Istanbul stock exchange. "No one would like to see Turkey in the second group."
伊斯坦布爾證交所前主席伊布拉欣·圖爾汗表示。“沒人想看到土耳其被列入后者?！?/div>
In the month before the elections, Mr Erdogan encouraged state banks to increase the amount they lent at cheap rates.
選舉前一個月，埃爾多安鼓勵國有銀行增加低息貸款。
Banks also came under pressure to lower lira deposit rates, making other currencies more attractive by comparison.
銀行還面臨降低里拉存款率的壓力，這使得其他貨幣在相比之下更有吸引力。
Turkish residents now hold over half of their deposits in dollars and other hard currencies. None of this has helped the lira.
土耳其居民現在持有超過一半的美元和其他硬通貨的存款。這些都沒有幫助里拉。
On March 21st the central bank revealed it had burned through $6.3bn (over 18%) of its net reserves in a fortnight,
3月21日，央行披露在兩周內已消耗掉63億美元（超過18%）的凈儲備，
presumably in an undeclared effort to prop up the lira.
這可能是為了支持里拉而進行的一次未公開的努力。
After the news spooked investors, the government squeezed the offshore lira market,
這一消息嚇壞了投資者，政府壓縮離岸里拉市場，
making it harder for foreign speculators to borrow the currency in order to sell it.
讓外國投機者更加難以借入貨幣以便賣出。
But the squeeze also posed a problem for Turkey's banks, points out Brad Setser of the Council on Foreign Relations, an American think-tank,
美國智囊團外交關系委員會的布拉德·塞特瑟指出，壓縮也給土耳其銀行造成了一個問題，
because they depend on lira funding in the overseas market.
因為它們依賴于海外市場的里拉資金。
To ease their discomfort, the authorities made it easier for banks to swap their dollars for lira from the central bank.
為了緩解他們的不安，當局讓銀行更容易在央行用美元兌換里拉。
That had the effect of temporarily bolstering the central bank's dollar reserves, until the currencies are swapped back again.
這暫時支撐了央行美元儲備，直到貨幣再次被兌換回來。
As the financial markets cottoned on to what was happening, investors began to distrust the central bank's weekly reserves figures.
隨著金融市場逐漸意識到發生了什么，投資者開始不信任央行的每周外匯儲備數據。
Was it trying to mislead investors? Probably not.
它是在試圖誤導投資者嗎？或許不是。
As required by IMF standards, it duly reported the swaps in its monthly reserves statement, which is published with a 30-day lag.
按照IMF的標準，其在月度儲備聲明中報告了外匯掉期，該儲備聲明延后了30天才發布。
And in a press conference on April 30th, it explained the source of its sudden dollar infusion.
在4月30日的新聞發布會中，其解釋了突然注入美元的原因。
But although it clarified why its reserves had abruptly gone up, it did not reveal why they had suddenly gone down in the weeks before.
但盡管它澄清了外匯儲備突然增加的原因，但卻沒有透露為什么幾周前外匯儲備突然下降。
Judging by the financial markets' reaction, the conference did little to bolster investors' faith in the lira.
從金融市場的反應來看，這次發布會并沒有增強投資者對里拉的信心。
The words of central banks can be powerful. But although they choose what to say, markets decide what to hear.
央行的話語很有影響力。雖然它們選擇說什么，但市場決定聽什么。
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