Digital currencies hold much promise for central banks

Central banks worldwide have been researching how digital currencies could complement or replace traditional currencies

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Share of central banks exploring CBDCs, 2018 and 2019

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An effective lockdown has set back protests but made economic challenges even more intractable

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Further pressure on the lira could add to economic difficulties, particularly managing twin public and external deficits

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A new government had articulated plans to turn the economy around just as the coronavirus pandemic struck

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Social unrest was already expected to see GDP shrink in 2020; COVID-19 all but guarantees a substantial decline

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Turkish lira has been on a downward trend against dollar and euro for the past four weeks

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Turkey's gross international reserves have slid since mid-March

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