That would trigger yet more political turmoil, which could bring protesters onto the streets and send foreign capital running for the exit.
Investors distinguish clearly between countries that do and do not have free and peaceful elections,
says Ibrahim Turhan, a former chair of the Istanbul stock exchange. "No one would like to see Turkey in the second group."
In the month before the elections, Mr Erdogan encouraged state banks to increase the amount they lent at cheap rates.
Banks also came under pressure to lower lira deposit rates, making other currencies more attractive by comparison.
Turkish residents now hold over half of their deposits in dollars and other hard currencies. None of this has helped the lira.
On March 21st the central bank revealed it had burned through $6.3bn (over 18%) of its net reserves in a fortnight,
presumably in an undeclared effort to prop up the lira.
After the news spooked investors, the government squeezed the offshore lira market,
making it harder for foreign speculators to borrow the currency in order to sell it.
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,
because they depend on lira funding in the overseas market.
To ease their discomfort, the authorities made it easier for banks to swap their dollars for lira from the central bank.
That had the effect of temporarily bolstering the central bank's dollar reserves, until the currencies are swapped back again.
As the financial markets cottoned on to what was happening, investors began to distrust the central bank's weekly reserves figures.
Was it trying to mislead investors? Probably not.
As required by IMF standards, it duly reported the swaps in its monthly reserves statement, which is published with a 30-day lag.
And in a press conference on April 30th, it explained the source of its sudden dollar infusion.
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.
Judging by the financial markets' reaction, the conference did little to bolster investors' faith in the lira.
The words of central banks can be powerful. But although they choose what to say, markets decide what to hear.