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Hazelnuts: farmers shun Ferrero

September 8, 2022 at 12:17 PM, Der AUDITOR
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ORDU. Ferrero has finally issued a bid. Prolonged rainfall has not only delayed the harvest but is also giving rise to concerns over quality. Autumn and winter will prove tough for Turkey’s hazelnut exporters.

Stolen income

Exporters, in fact, feel betrayed by their own government. Issue is that officials literally forced businesses to pay foreign currency earnings into “Exchange Rate Protected TRY Term Deposit Account” with state inspectors even visiting companies refusing to do so. Although initially promising bank loans with low interest rates for the equivalent amount of the money placed in the deposit accounts, the government recently pulled the plug on this leaving exporters to effectively lose their income. Not only do companies feel betrayed but it is

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