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Turkey's president, Recep Tayyip Erdogan, once called high interest rates "the mother of all evil".
土耳其總統雷杰普·塔伊普·埃爾多安曾稱高利率是“萬惡之母”。
Murat Uysal, its new central-bank governor, must then be close to angelic.
新上任的央行行長穆拉特·烏伊薩一定是一位接近天使般的人物。
Since Mr Erdogan sacked Mr Uysal's predecessor four months ago for refusing to slash interest rates,
自從四個月前，烏伊薩的前任因拒絕削減利率而被埃爾多安解雇以來，
he has cut three times, by a cumulative ten percentage points.
他已經削減了三次利率，累計減少了十個百分點。
The latest cut, of 2.5 percentage points on October 24th, was more than double market expectations.
10月24日最新一次降息2.5個百分點，是市場預期的兩倍多。
After last year's aggressive tightening, easing now makes some sense. Inflation is back in single digits, after passing 25% last autumn.
在去年激進的緊縮政策之后，現在放松貨幣政策是有道理的。去年秋天，通貨膨脹率超過了25%，現在又回到了個位數。
The lira has partially recovered from a battering that had pushed domestic prices up.
里拉已經部分從從推高國內物價的打擊中恢復了過來。
In early October America threatened sanctions in response to Turkey's offensive in Syria.
10月初，美國威脅對土耳其實施制裁，以此回應土耳其對敘利亞的進攻。
The lira slumped, but after America brokered a ceasefire deal on October 17th, it steadied again.
里拉暴跌，但在美國于10月17日促成停火協議后，里拉再次穩定下來。
It strengthened further when Turkey's and Russia's presidents signed a similar agreement. That gave the bank room for the most recent cut.
當土耳其和俄羅斯總統簽署了類似的協議后，這種穩定進一步加強。這為央行最近一次降息提供了空間。
Turkey crawled out of recession at the start of the year, but credit growth is still weak.
土耳其在今年年初走出了經濟衰退，但信貸增長仍然疲弱。
Companies with hard-currency debt have been unable to borrow,
擁有硬通貨債務的公司無法借款，
and banks sitting on $20bn-worth of non-performing loans (npls) have been reluctant to lend.
并且坐擁200億美元不良貸款（npls）的銀行一直不愿放貸。
Monetary policy alone will not fix the economy, says Selva Demiralp of Koc University: "Turkey needs to find a solution to the npl problem first."
單靠貨幣政策無法解決經濟問題，科特大學的塞爾瓦·德米拉普稱：“土耳其首先需要找到解決不良貸款問題的辦法。”
In September the government ordered banks to reclassify debt of 46bn lira ($8bn) as bad loans.
9月，政府命令銀行將460億里拉（合80億美元）的債務重新歸類為不良貸款。
But doubts remain as to how banks will clear these loans from their balance-sheets.
但銀行如何將這些貸款從他們的資產負債表中清除出去仍然存在疑問。
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