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
Feb 5, 2026
ORDU. After weeks of speculation Ferrero has announced new bids for hazelnut kernels. Question is how the market will respond. Prices have taken a sharp turn. Exporters find themselves in a challenging economic situation.
Nuts
Feb 4, 2026
BRUSSELS. Noted shifts have taken place in shipments to the EU, where imports reached a record high in 2025. Kernels are still in high demand.
Nuts
Feb 3, 2026
MANILA. Dwindling price pressure indicates that the shortage of raw materials in the Philippine desiccated coconut market is slowly easing. Export prices continue to fluctuate within a narrow range; the same applies to coconut oil.
Nuts
Feb 3, 2026
VANCOUVER. For macadamias, the first crop estimates for this year are showing mixed trends. Demand is developing in differing directions. Exporters have issued price indications for the 2026 crop in Kenya.