Price: €11.00
Member Price: €0.00

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
Nuts
Apr 10, 2026
SACRAMENTO. According to California Almonds Position Report for March exports are doing quite well this season. Yet, the outlook for this year’s crop is not that encouraging.
Nuts
Apr 9, 2026
FRESNO/TEHRAN. Aflatoxin still is an issue for US pistachios. Suppliers in the Middle East report more complex trading dynamics due to the war. US growers anticipated a good crop despite a very hot summer.
Nuts
Apr 9, 2026
ORDU. For hazelnuts the situation is highly uncertain in Turkey with calls being voiced for the TMO to intervene. Ferrero is also prompting nervous responses adn the weather has turned cold. Exports have exceeded 5,000 mt for the first time this season.
Nuts
Apr 8, 2026
CAPE TOWN/NAIROBI. The crop outlook for the main macadamia-producing countries is good, and market players are optimistic. Prices are being supported by sustained high demand.