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
Sep 10, 2024
ORDU. Chaos presides for hazelnuts in Turkey once again. With inflation, unorthodox economic policies and stink bugs dominating the scene in recent years, the industry has, however, become more resilient in adapting to new disruptions. The main issues for this year's crop are bug and rain-related damages, a more complex pricing model and kernel size.
Nuts
Sep 9, 2024
NEW DELHI/BUENOS AIRES. Argentinian peanut suppliers have their hands full at the moment. Brazilian importers are also sourcing as much produce as possible from the neighbouring country. In India, rains have brought relief.
Nuts
Sep 9, 2024
BRUSSELS/NEW DELHI. Historically low prices have driven up EU imports for cashew nuts. Vietnam has remained the most important supplier. Yet, India is struggling to retain its market position.
Nuts
Sep 5, 2024
WASHINGTON, D.C. On Wednesday, the United States Department of Agriculture’s National Agricultural Statistics Service issued the long-awaited “2024 California Walnut Objective Measurement Report”, after months of speculation.