Market in complete shock
Not only did Turkey’s Central Bank shock the market by slashing the key interested rate by 200 basis points on Thursday but Erdogan added fuel to fire by expelling 10 ambassadors. The lira has reached record lows against the US dollar and euro. Although many buyers in Europe reckon that the large crop and depreciation of the Turkish lira means that the prices for hazelnuts will tumble, traders emphasise that the situation is much more complex.
The exporters are in trouble as many have taken out loans in foreign currencies, for