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The country's "gross" foreign assets (including gold) stood at over $87bn on May 12th.
5月12日，該國的“總”外國資產(chǎn)（包括黃金）超過870億美元。
But on the other side of its balance-sheet, the central bank reports foreign liabilities worth $71.3bn.
但在資產(chǎn)負債表的另一邊，央行報告的外債規(guī)模為713億美元。
It has also entered into currency swaps with local lenders, obtaining dollars in exchange for lira on the condition that the transaction will be reversed in due course.
它還與當?shù)氐馁J款銀行進行貨幣互換，獲取美元以換取里拉，條件是在適當?shù)臅r候撤銷交易。
Deduct those borrowed dollars from the total, and its net reserves have dipped below zero.
從總額中扣除這些借來的美元，其凈儲備已降至零以下。
Officials say they are seeking additional swap lines from foreign central banks.
官方表示，他們正在尋求從外國央行獲得更多的貨幣互換額度。
The country already has an arrangement with China (worth $1bn) and another with Qatar (worth $5bn).
該國已經(jīng)與中國（價值10億美元）以及卡塔爾（50億美元）達成了一項協(xié)議。
But it has little hope of obtaining a similar agreement with America's Federal Reserve.
但與美聯(lián)儲達成類似協(xié)議的希望渺茫。
A Fed policymaker recently pointed out that its swap lines are limited to countries that enjoy "mutual trust" with America.
美聯(lián)儲決策者近期指出，其貨幣互換額度僅限于與美國“相互信任”的國家。
The feelings that now prevail between Turkey and America are probably mutual, but hardly trustful.
現(xiàn)在土耳其和美國之間盛行的感覺可能是相互的，但很難信任彼此。
Turkey bounced back from the 2018 currency crisis by belatedly raising interest rates (and releasing the pastor).
通過姍姍來遲的加息（以及釋放牧師），土耳其從2018年的貨幣危機中迅速恢復活力。
But the central bank's boss was fired last year by the country's president, Recep Tayyip Erdogan,
但去年，土耳其總統(tǒng)雷杰普·塔伊普·埃爾多安解雇了央行行長，
who has governed with little restraint since winning new powers in a referendum in 2017.
自在2017年的全民公投中贏得新權勢以來，他的執(zhí)政幾乎沒有受到任何約束。
To revive growth and restore the president's popularity, the new central-bank governor has cut rates to 8.75%,
為了恢復經(jīng)濟增長和總統(tǒng)的受歡迎程度，新任央行行長將利率下調至8.75%，
more than two percentage points below the rate of inflation.
比通貨膨脹率低了兩個多百分點。
"When you have a negative real interest rate, that is not a recipe for currency stability anywhere," says Paul McNamara of GAM, an asset manager.
當實際利率為負時，這在任何地方都不是貨幣穩(wěn)定的良方，”GAM的資產(chǎn)經(jīng)理Paul McNamara說到。
The country has thus tried to strengthen growth, at the expense of weakening the currency.
因此，該國試圖以削弱貨幣為代價，來加強經(jīng)濟增長。
And it has tried to fortify the currency—but at the expense of weakening the banks,
該國還試圖鞏固貨幣——但代價是削弱其銀行，
which will eventually need some of their dollars back if they are to meet their own foreign-currency obligations,
如果銀行要履行自己的外匯債務，那么它們最終需要收回一部分美元，
points out Brad Setser of the Council on Foreign Relations, a think-tank.
智囊團美國外交關系協(xié)會的Brad Setser指出。
Turkey should "abandon this strategy", says Piotr Matys, a currency strategist at Rabobank.
土耳其應該“放棄這項策略”，荷蘭拉博銀行的貨幣策略分析師Piotr Matys說到。
"The most rational move would be to let the lira float freely and publish a package of reforms, ideally overseen by the IMF."
“最合理的做法是讓里拉自由浮動，并公布一攬子改革方案，最好是由國際貨幣基金組織（IMF）監(jiān)督。”
There is but one problem. Mr Erdogan wants nothing to do with the IMF. On that, he has been far from fickle.
只有一個問題。埃爾多安不想和IMF有任何關系。在這一點上，他一點也不善變。
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