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
Jun 22, 2026
NEW DELHI. In Vietnam, the trading environment is rather difficult for cashew kernels. Possible new US import duties are looming on the horizon.
Nuts
Jun 19, 2026
ORDU. Suppliers in the hazelnut market are waiting in vain for some financial relief. New crop offers are showing a rather wide price gap.
Nuts
Jun 16, 2026
MANILA. Although domestic prices are falling, Philippine suppliers have not yet reduced their export prices for desiccated coconuts. Factors such as the damage caused by the severe earthquake and high logistics costs are also weighing on the market. Particular attention is being paid to weather developments.
Nuts
Jun 16, 2026
FRESNO. US shipments hit a record for pistachios in May as the Administrative Committee for Pistachio’s Industry Inventory Shipment Report outlines. Exports are the main driver of growth this year. Prospects are, however, far less encouraging in 2026/2027.