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Hazelnuts: selling at a loss is not an option

November 29, 2021 12:32 PM, Der AUDITOR
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ORDU. In reaffirming in public that he has not intention of changing Turkey’s easy monetary policy President Erdoğan again sent the lira tumbling last week. The lira has, in fact, lost 25% in value against the euro within only one month. This and other uncertainties have plunged the hazelnut market into chaos.

Chaos prevails

The lira is the greatest unknown factor. Although further interest rate cuts are highly likely in around three weeks at the next central committee meeting, it is not even certain which impact this may have on the lira. While the devaluation may very well continue, it is also very possible further interest rate cuts have already fed into the recent plunge. The depreciation of the Turkish lira has, however, certainly revived demand in Europe. Buyers reckoning with bargains have, however, been largely disappointed.

Issue is that the exporters imm

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