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Hazelnuts: market taken aback by nominal recovery of Turkish lira

June 14, 2021 at 10:16 AM, Der AUDITOR
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ORDU. After weeks in which the Turkish lira remained weak, the market has now witnessed a rather unexpected turn. Signs of economic recovery have given the local currency a lift. Bookings in the toursim industry are, for instance, much better than expected. Not all players in the hazelnut market are, however, happy about this. Many even fear that they may incur heavy losses.

Lira gains some strenght again

Holiday bookings are up in Turkey and have driven up the lira, which has gained in value to the US dollar and the euro. President Recep Tayyip Erdoğan is, in addition, expected to meet US president Joe Biden and discuss tensions at this week's NATO summit. Issue is that Turkey is central to China's Belt and Road Initiative. The talk may certainy have an impact on the lira.  

Strong domestic demand supports raw material prices

High domestic demand coupled with exporters engaging in speculative

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