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
May 4, 2026
NEW DELHI. Few factors suggest that prices on the Indian peanut market will continue to rise. One of these is the import quota introduced by Indonesia. However, the large government stocks could exert considerable pressure.
Nuts
May 4, 2026
GAZIANTEP. Local prices have reached an all-time high for pistachio kernels in Turkey. Frost has occurred in Gaziantep. New crop estimates are circulating.
Nuts
May 4, 2026
NEW DELHI. Importers in India have switched to Nigeria and Ghana for cashew nuts. Challenges also prevail in Ghana. Shipments have slowed in Burkina Faso.
Nuts
Apr 30, 2026
ORDU. Quality will remain an issue for hazelnuts in the next season. Speculation is that Ferrero may become active again in May.