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
Aug 27, 2026
ORDU. Rain has delayed drying for hazelnuts. Much will depend on the TMO in the next few weeks. Buyers in China are showing a different approach to the new season than in Europe.
Nuts
Aug 26, 2026
SANTIAGO/DALIAN. ChileNut’s Shipment Report for July 2026 indicates differing trends for in-shell and for shelled walnuts. Prices have changed direction in China.
Nuts
Aug 25, 2026
MANILA/NEW DELHI. The markets for Philippine coconut products remain calm, with trading subdued. At the same time, rising palm oil prices and increasing El Niño risks are providing support to the market. India’s coconut exports rose significantly in 2025/26.
Nuts
Aug 25, 2026
MADRID/SACRAMENTO. Spider mites will put a dent on production in Córdoba in Spain. Exports have surged to the US for almonds. Prices only know one direction.