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 27, 2026
REUS. New estimates released by the International Nut and Dried Fruit Council show a sharp downturn in pine nut production. With consumers put off by high prices, demand will take some time to recover in China.
Nuts
Mar 27, 2026
REUS. In March, the International Nut and Dried Fruit Council (INC) cut the global production estimate for pecans. Supplies are an issue in the USA, Mexico and South Africa. Much will depend on the weather in China this year.
Nuts
Mar 26, 2026
ORDU. Extortionate interest rates are having a crippling effect for exporters. Although supplies will not be the issue for hazelnuts next season, financial constraints will make life difficult for the industry. Suppliers are also casting a nervous glance at Chile.
Nuts
Mar 25, 2026
FOLSOM. US walnut shipments climbed to new records in February as the latest report issued by California Walnuts highlights. Demand in the Middle East is the key driver. Yet much is at stake for US exporters due to the conflict in the Middle East.