Price: €11.00
Member Price: €0.00

Hazelnuts: lira record low boosts demand

November 22, 2021 at 11:27 AM , Der AUDITOR
Play report as audio

ORDU. With the central bank’s decision to cut the key interest rate by 100 basis points to 15% on Thursday the Turkish lira hit new record lows against the US dollar and the euro. While President Recep Tayyip Erdoğan is determined to slash interest rates against all reason, Turkey’s economy is left to scramble. Although hazelnut exporters should now be offering unbeatable prices, the situation is not quite as simple. Ferrero has recently also issued a new bid.

Exporters confronted with backlash

The Turkish lira has slumped by more than 10% against the US dollar and euro since Wednesday when Erdoğan hinted that the central bank would again cut interest rates. A temporary rebound was also cut short as consumer confidence hit a record low on Monday. Although companies can now profit from lower interest rates in taking out loans, the problem is that high interest rates initially drove many companies to take out loans in foreign currencies in recent years. The sharp decline in value of the Turkish lira has now created a backl

View related articles

Go to the News Overview
Nuts
Nov 9, 2026
NEW DELHI. The extensive peanut deliveries in India are increasing supply pressure, whilst stockists are counting on a smaller crop in Gujarat and Rajasthan. At the same time, high global supply and growing competition from other vegetable oils are creating additional pressure.
Nuts
Nov 9, 2026
NEW DELHI/DODOMA. With the Indian market still mainly closed for Diwali the shipping spree for cashews has come to an end. Heavy rains may become a problem in Tanzania.
Nuts
Nov 5, 2026
ORDU. Ferrero is still buying with quality issue presenting major challenges for exporters. The TMO’s approach is also not exactly helpful. Logistics are another problem. Exports are only starting to recover slowly with Ferrero as main driver.
Nuts
Nov 4, 2026
IRVING. US pecan exports have witnessed a slow start to the season. Crop receipts are also down.