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
Nov 25, 2025
FORT WORTH/TORREÓN. US pecans have witnessed a slow start to the export season. Global supplies are tight and demand is high.
Nuts
Nov 24, 2025
NEW DELHI/BUENOS AIRES. In some important Indian growing regions, there are concerns about the quality of this year's crop. In Argentina, sowing for the 2026 crop has been completed, while in Brazil it has been delayed due to weather conditions.
Nuts
Nov 20, 2025
ORDU. Ferrero’s offer for hazelnuts has generated a good uptake amongst suppliers in Turkey. Yet, market prices have taken a somewhat curious turn. Exporters are having trouble.
Nuts
Nov 19, 2025
AYDIN/BRUSSELS. A few weeks ago, Turkey kicked off the new chestnut season. Rumour has it that this year's crop is significantly larger than usual. The EU has increased its imports from Turkey by 31%.