Hazelnuts: Erdogan plunges market into chaos

March 22, 2021 11:18 AM, Der AUDITOR
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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

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