Nuts

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 11, 2024
ORDU. In the coming days, the TMO could start selling its raw material stocks. The INC has adjusted its production estimates for the global hazelnut crop.
Nuts
Apr 11, 2024
CAPE TOWN/REUS. According to the INC, macadamia production will increase in the main producing countries and market players are optimistic. A major case of fraud was recently uncovered in South Africa.
Nuts
Apr 9, 2024
SUCRE/REUS. The Brazil nut season has got off to a much brisker start than last year. Bolivia remains the most important producer, while Brazil has suffered losses.
Nuts
Apr 8, 2024
NEW DELHI/REUS. While the Indian peanut market is facing various hurdles, market players in the USA and Argentina are satisfied with the current situation. China remains the most important peanut producer.