Hazelnuts: Turkey on the verge of a currency crisis

August 11, 2020 9:41 AM, Der AUDITOR
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ORDU. As the Turkish lira continues to lose ground the central bank has little means to prevent things from getting worse. Prices in the hazelnut market range nominally lower than the TMO prices.

Buyers in Europe profit

The devaluation of the Turkish lira has a drastic impact on exports. As the lira has lost 10% in value against the Euro over the last few weeks one euro currently costs aroung TRY 8.60. Another currency crisis appears to be unaviodable and Turkey's central bank may not have a suitable solution this time. To make matters worse the coronavirus pandemic has trigerred a recession - tourists are mostly staying away, agricultural prices are falling and the gross domestic product is witnessing a depression.

After the setting of the TMO base

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