Nuts

Hazelnuts: Erdoğan sends shockwaves through the market

September 28, 2021 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
Jan 27, 2022
LIMA. The harvesting process in the South American rainforests has begun and market players report a good yield and high quality so far. However, the hoped-for price reductions remain questionable.
Nuts
Jan 25, 2022
MADRID. Recently issued export data by the Ministry of Industry, Tourism and Trade shows that Spain stepped up its almond shipments by 20% in November. Exports have, in fact, performed well this season so far. France has advanced to the leading export destination.
Nuts
Jan 25, 2022
ORDU. As the Turkish lira continues to firm against the US dollar and the euro not all hazelnut traders are convinced that the financial turmoil witnessed in recent months is over. Although Turkey’s central bank left interest rates firm at 14% on Thursday and Finance Minister Nureddin Nebati assured economists on Saturday that inflation will range lower than expected in the next few months, a high degree of uncertainty remains.
Nuts
Jan 25, 2022
HANOI. High carry-in supplies coupled with good crops in Vietnam, India and Côte d'Ivoire should ensure a steady supply this year. Exports are, however, anything but simply.