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Hazelnuts: shock for buyers

January 12, 2022 11:41 AM, Der AUDITOR
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ORDU. Speculations are rife over president Recep Tayyip Erdoğan’s future after the government in Turkey introduced a lira deposit-protection scheme at the end of December to support the national currency. This prompted a sudden and rather unexpected surge in the Turkish lira, which proved to be a smack in the face for buyers in the hazelnut market.

Soaring inflation

As news agencies report the lira lost as much as 44% in value against the US dollar last year due to Edoğan’s unorthodox policy of slashing key interest rates. The central bank has cut rates from 19% to 14% since September. Annual inflation has hit a 19-year high and prices within Turkey were 36% up in December as the costs for transport, food and other staples are on the rise. As households are feeling the impact of the currency crises support for Erdoğan’s ruling AK party is waning. Analysts reckon that there is a high probability t

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