Title: Turkish Lira Plummeted Amid Intensified Dollar Shortage
Tags: Turkish Lira Plummeted Amid Intensified Dollar Shortage
Blog Entry: Faced with increased inflation, rising unemployment and slow economic growth, the lira is under increasing pressure. The Turkish central bank has withdrawn millions of dollars from foreign exchange reserves this year to buy lira and support the exchange rate of the lira against the dollar, significantly reducing the country's net forex reserves from US$ 40 billion at the beginning of the year to just about US$ 25 billion.To get more news about WikiFX , you can visit wikifx news official website.   Nevertheless, the lira has fallen by 17% this year. Before the coronavirus outbreak, the Turkish economy was already under pressure. Now, after struggling with nearly two years of currency depreciation, high debt and rapidly disappearing foreign exchange reserves, the country with a population of 82 million is in a particularly bad situation and remains vulnerable to the shock of the pandemic. The country's unemployment rate was close to 14% in January, before the economy was even affected by the coronavirus. In the near future, Turkey's massive tourism industry will also face destruction.   Due to the impact of the epidemic, global economic activities and trade have declined significantly. Forex reserves of emerging market countries are shrinking inevitably as they face tremendous pressure. Driven by risk aversion sentiments and similar demands, the global dollar shortage is further intensifying. Recently, the WikiFX APP updated a new version with a new function - “Detailed Credit Report”. Get to know the original data of broker by one-click, and this credit report covers dozens of types of data of broker. Whos been swimming naked when the tide goes out? Users will know it with the help of the function.   On the first page of the report, users can understand the risk level of their target broker. And the report comprehensively analyzes users target broker from many aspects, such as company profile, regulatory information, software identification, rights protection, trading environment rating and genealogy etc.. Users can easily get the overall information of broker by just one-click.   Through the WikiFX APP, general users will have 10 chances to read brokers in-depth credit report, with different reading requirements that they can read it online or send it by email.   Follow the steps below to get a broker's credit report:   1. Enter the target brokers page and find “Report”   2. Touch the “Email Address” or “Online View” in the upper right corner   3. Press “Get the report” to check it