Price: €11.00
Member Price: €0.00

Hazelnuts: Erdoğan sends shockwaves through the market

September 28, 2021 at 11:19 AM , Der AUDITOR
Play report as audio

ORDU. In cutting the key interest rate Turkey’s Central Bank not only took the market by surprise but also prompted the Turkish lira to crash. This naturally impacted the export prices for hazelnuts. Although buyers are very much prepared to take advantage of the current market situation, things are not quite as simple.

Market prices caught up in political gamble

Turkey’s Central Bank surprisingly cut the key interest rate from 19% to 18% last week and sent the Turkish lira crashing to near record lows. A record low was witnessed against the US dollar on Monday at 8.89 per dollar. The decision sent shockwaves through the market as it became apparent that the Central Bank decided to bow to President Recep Tayyip Erdoğan’s irrational wishes rather than adopting common market sense. Analysts had initially expected interest rates to remain firm or even to rise as inflation

View related articles

Go to the News Overview
Nuts
Oct 9, 2026
NEW DELHI/DODOMA. El Niño has prompted the season to start earlier than usual in Tanzania. In India, the market is getting ready for the next festival season.
Nuts
Oct 9, 2026
GAZIANTEP. Reliable crop estimates are lacking for pistachios in Turkey. Quality is an issue. Farmers are far from happy with the current price developments.
Nuts
Oct 8, 2026
BEIJING. As the USDA’s Foreign Agricultural Service’s Tree Nuts Annual for China highlights, the country will remain one of the world’s leading markets for tree nuts. Changing consumer habits offer new market potentials amid a challenging trading environment and high costs. Expanding domestic production and economic challenges will, however, restrain the import demand for most US tree nuts in MY 2026/2027, with the noted exception of almonds.
Nuts
Oct 8, 2026
ORDU. In Turkey, the wide gap between free market prices and the TMO for hazelnuts is still giving rise to questions. The TMO and Ferrero have rejected large volumes. Demand is also an issue.