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
Aug 10, 2026
BRUSSELS. According to official customs statistics EU imports hit a record high for several nuts in the first half of 2026, including pistachios, cashews and hazelnuts, pecans, pine nuts and macadamias as well as kola nuts. By contrast, figures are less encouraging for almonds, walnuts and peanuts.
Nuts
Aug 10, 2026
NEW DELHI. Market sentiments are weak in India. Only cautious selling is taking place in Brazil and in Argentina.
Nuts
Aug 10, 2026
NEW DELHI/HO CHI MINH. Ghana has not issued an export ban for cashews. Logistical challenges are restricting trade flows in Nigeria. In Vietnam, RCN prices are too high to handle. Low kernel prices have forced processors to close in India.
Nuts
Aug 4, 2026
MANILA. In July, the market for coconut oil recovered sharply. El Niño and the typhoon season may cause considerable disruptions. Desiccated coconut exports have gained.