Nuts

Hazelnuts: Erdogan plunges market into chaos

March 22, 2021 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
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.