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
Aug 11, 2022
ORDU. The Turkish Ministry of Agriculture and Forestry has announced the production estimates for the new season, which have been eagerly awaited by market players. These are promising, as is the quality of the nuts.
Nuts
Aug 10, 2022
HANOI. The original plan of the Vietnamese cashew industry was to export cashews worth USD 3.8 billion in 2022. However, various difficulties mean that this export target is now to be revised downwards.
Nuts
Aug 10, 2022
KERMAN. After frost and drought, Iranian pistachio farmers are now struggling with the effects of heavy rains, which may have caused significant damage. Irrigation is also at risk as a result.
Nuts
Aug 2, 2022
ORDU. President Recep Tayyip Erdoğan’s announcement of the Turkish Grain Board’s (TMO) purchasing price for new crop hazelnuts caused a bit of confusion on Saturday. Although the state-run organisation clarified prices on Monday, traders do not think that the market will buy into them. Rumour has it that Ferrero has swiftly responded.