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
Apr 27, 2026
NEW DELHI. Thanks to the high quality of its produce, peanut cultivation in the Indian state of West Bengal is becoming increasingly important. Prices are continuing their current trend, while there are new developments in the field of crop protection.
Nuts
Apr 27, 2026
NEW DELHI/HANOI. Local elections are still having an impact on trade for cashews in India. News on the crop is mixed in Cambodia and Vietnam. Exports witnessed curious shifts in Vietnam in March.
Nuts
Apr 23, 2026
ORDU. In Turkey, the industry for hazelnuts is extremely concerned about the sharp decline in exports this season. Demand is not exactly what it should be. Anticipation is that the stink bug will become more of an issue this year.
Nuts
Apr 22, 2026
FRESNO. As the Shipment Report for March issued by the Administrative Committee for Pistachios shows monthly shipments were not too impressive. Exports to the Gulf States have taken a hit. California will profit from the disruptions caused by the war in Iran.