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
Jun 4, 2026
MANILA. The coconut sector faces numerous challenges in the event of an El Niño phenomenon. The situation in the Strait of Hormuz continues to cause considerable uncertainty. Freight costs are rising further.
Nuts
Jun 3, 2026
IRVING/MACAO. According to the recent monthly report issued by the American Pecan Council US exports were strong in April. Yet, challenges prevail for this year’s crop. Mexico is gaining market shares. Prospects are highly encouraging in the Southern Hemisphere. Global production will also rise as estimates presented as this year’s International Nut and Dried Fruit Council Congress in Macao show.
Nuts
Jun 1, 2026
NEW DELHI. The Indian peanut market is currently being affected by several factors. Uncertainties in trade with Indonesia, as well as increasing arrivals of the new crop, are creating a tense market situation. Following the price rises of recent weeks, the pressure is increasing.
Nuts
Jun 1, 2026
VANCOUVER. Supply and demand are quite challenging dynamics for macadamias in 2026. Traders do not trust China’s official estimates. Yet, the outlook could be worse.