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Hazelnuts: U-turn impacts prices

January 5, 2021 3:48 PM, Der AUDITOR
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ORDU. Turkey’s U-turn in interest policy is taking effect on the hazelnut market. While production for Ramadan has started in Turkey, traders are voicing their opinion on how prices will develop over the next few months. Unusually mild weather is also been reported.

Exchange rate drives up export prices

Last week, Turkey’s Central Bank raised the interest rate by 2%. Investors are in fact relieved that Turkey ditched its unorthodox interest policy a few months ago and has switched to raising the key interest rate. These movements are slowly but surely prompting investor confidence to return, and analysts reckon that the EUR/TRY exchange rate may remain relatively firm. This has driven up export prices. Buyers in Europe will not be able to profit to the same extent from the weakness in the Turkish lira, which caused export

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