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
Mar 12, 2026
ORDU/REUS. Preliminary crop estimates are highly encouraging for hazelnuts in Turkey. The TMO has adopted a controversial new sales approach. Market prices are rather surprising. Exports have failed to make a recovery. Global production prospects are good for 2026/2027.
Nuts
Mar 11, 2026
SUCRE/REUS. In its latest report, the INC's estimates for global Brazil nut production in 2026 remain unchanged from its November 2025 forecasts. The crop for the 2025/26 season is therefore likely to be significantly smaller than in the previous year.
Nuts
Mar 11, 2026
REUS. Prospects are highly encouraging for macadamias this year as the latest estimates issued by the International Nut and Dried Fruit Council highlight.
Nuts
Mar 11, 2026
SANTIAGO/ REUS. ChileNut has issued an early estimate for this year’s crop. The International Nut and Dried Fruit Council has also revised the crop estimates for 2025/2026. For the USA and China, the Iran war spells quite a bit of trouble.