Price: €11.00
Member Price: €0.00

Hazelnuts: Erdogan plunges market into chaos

March 22, 2021 at 11:18 AM , Der AUDITOR
Play report as audio

ORDU. President Recep Tayyip Erdogan's sacking of Turkey’s central bank chief Naci Agbal on Saturday has sent the Turkish lira tumbling. The lira lost as much as 17% in value on Monday morning. Hazelnut exporters are now confronted with a high degree of uncertainty.

Turkish lira loses 17% in value

After a surprisingly sharp 2% hike in the key interest rate on Thursday, central bank chief Naci Agbal was sacked by Erdogan on Saturday after only four months in office. As an advocate of tight monetary policy to curb inflation Agbal succeeded in raising the key interest rate by 19% and attracting investors. Erdogan is, by contrast, of the unorthodox opinion that higher interest rates boost inflation and new central bank chief Sahab Kavcioglu appears to side with him. He has vehemently criticised Agbal’s approach in recent mont

View related articles

Go to the News Overview
Nuts
Apr 17, 2025
SACRAMENTO. Exports of US walnuts remain in decline this season. One of the reasons for this is the drop in production of around 27%.
Nuts
Apr 16, 2025
ORDU. While the frost damage in the Turkish growing regions is being evaluated, exporters are not submitting any offers and no deals are being concluded. Exports were correspondingly low last week.
Nuts
Apr 14, 2025
ISTANBUL/TEHRAN. According to the latest data from the International Nut and Dried Fruit Council, global pistachio production has increased by 9.1%. This is due not least to the record result in Turkey.
Nuts
Apr 14, 2025
NEW DELHI/BRASÍLIA. Although Indian peanut prices are currently holding steady, market experts predict them to decline in the near future. Trump's ever changing tariff threats are causing additional chaos. In South America, the harvest is coming to an end.