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The ensuing credit boom, the biggest in a decade, put renewed pressure on the lira and pushed inflation up.
隨之而來的十年內(nèi)最大的信貸繁榮，這給里拉帶來了新的壓力，并推高了通貨膨脹。
Days after the latest run on the currency, however, the banking regulator relaxed its rules on asset ratios,
但在最近一次貨幣擠兌后，銀行業(yè)監(jiān)管方放松了其對資產(chǎn)比率的規(guī)則，
which had required lenders to pump out loans or face heavy fines.
要求貸方大舉放貸，否則將面臨高額罰款。
The central bank, meanwhile, has reverted to using a baffling system of policy rates, through which it can raise borrowing costs indirectly.
與此同時，央行又開始使用令人困惑的政策利率體系，通過該體系，其可以間接提高借貸成本。
The combination of smoke and mirrors will not do.
障眼法是不行的。
With the central bank's benchmark policy rate at 8.25% and inflation at nearly 12%,
土耳其央行的基準(zhǔn)政策利率為8.25%，通貨膨脹近12%，
Turkey has one of the lowest real rates among big emerging economies.
是大型新興經(jīng)濟(jì)體中實(shí)際利率最低的國家之一。
Since the start of the year, the lira has shed nearly a fifth of its value against the dollar.
自今年年初起，里拉兌美元匯率已下跌近五分之一。
Foreign investors have pulled $11bn from Turkish shares and bonds. Local depositors are running to the greenback for safety.
外國投資者已從土耳其股票和債券中撤出了110億美元。當(dāng)?shù)貎艏娂娰I入美元以尋求安全。
Analysts warn that the central bank's failure to win back some of its credibility with a moderate interest-rate increase now may force a massive one later.
分析人士警告稱，央行未能通過適度加息贏回一些信譽(yù)，這可能會迫使其之后大舉加息。
Even this may not be enough. The right response, says Hakan Kara, a former chief economist at the central bank,
即便這樣可能也還不夠。央行前首席經(jīng)濟(jì)學(xué)家Hakan Kara表示，正確的回應(yīng)
would be to give the bank the freedom to raise the main policy rate.
是要給予銀行提高主要政策利率的自由。
State banks must also take their foot off the gas, urges Mr Kara, and the authorities should let the financial system price risks freely.
Kara敦促國有銀行，也應(yīng)放松政策，且當(dāng)局應(yīng)該讓金融體系自由承擔(dān)價格風(fēng)險。
Consistency would also help Turkey win back foreign investors.
一致性也將幫助土耳其重獲外國投資者的信心。
One day, regulators are punishing the banks for not handing out cheap loans, complains Gizem Oztok Altinsac, an economist;
總有一天，監(jiān)管機(jī)構(gòu)會因?yàn)殂y行不發(fā)放廉價貸款而懲罰它們，經(jīng)濟(jì)學(xué)家Gizem Oztok Altinsac抱怨到；
the next, they ask them to turn off the taps.
接下來，他們會要求銀行關(guān)閉廉價貸款。
The problem is that Mr Erdogan is deaf to all this advice.
問題是埃爾多安對這些建議充耳不聞。
On August 10th he called for rate cuts. "God willing", he said, "they will go down further." God help the lira.
8月10日，他要求利率下調(diào)。“天意如此”，他說，“它們會進(jìn)一步下降的。”愿天助里拉。
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