Hazelnuts: Erdogan plunges market into chaos

March 22, 2021 at 11:18 AM, Der AUDITOR
Play report as audio

ORDU. President Recep Tayyip Erdogan's sacking of Turkey’s central bank chief Naci Agbal on Saturday has sent the Turkish lira tumbling. The lira lost as much as 17% in value on Monday morning. Hazelnut exporters are now confronted with a high degree of uncertainty.

Turkish lira loses 17% in value

After a surprisingly sharp 2% hike in the key interest rate on Thursday, central bank chief Naci Agbal was sacked by Erdogan on Saturday after only four months in office. As an advocate of tight monetary policy to curb inflation Agbal succeeded in raising the key interest rate by 19% and attracting investors. Erdogan is, by contrast, of the unorthodox opinion that higher interest rates boost inflation and new central bank chief Sahab Kavcioglu appears to side with him. He has vehemently criticised Agbal’s approach in recent mont

View related articles

Go to the News Overview
Feb 2, 2023
ORDU. Suppliers in Turkey are utterly shocked and surprised by the TMO’s decision to sell hazelnuts. Initial assumption was that the state-run organisation would try to hold on to its stocks to prevent prices from tumbling before the general election in June.
Feb 1, 2023
HANOI. Farmers presently have little incentive to harvest cashews in Vietnam. Many have, in fact, stopped harvesting as local media report. Trouble is that raw material prices are simply too low. There is no chance of improvement as prospects are bleak for exports.
Jan 31, 2023
MANILA. As the experts of T.M. Duché report, prices for coconut oil were able to crack the USD 4,000/mt mark at the beginning of the year. How the situation develops further in the course of the year depends largely on the other edible oil markets.
Jan 30, 2023
NEW DELHI. The shortage of sesame oil is making many buyers in India and overseas switch to peanut oil as a popular alternative. The higher demand is also causing prices to rise. There is good news regarding import duties.