The USD/TL rate, which increased rapidly after lowered interest rates, maintains its high course. The Turkish Lira has depreciated by 26.2 percent since the beginning of September when the CBRT gave the first-rate cut signal.
The Central Bank (CBRT) continued its interest rate cuts with 100 basis points last week, despite the high inflation close to 20 percent and the sharp depreciation in the TL, and pointed out that it may make another interest rate cut next month.
The USD/TL, which rose to the level of 11.32 last week, started the day just below 11.20 this morning but closed the day at 11.42 TL levels. The CBRT, which has been reducing interest rates by 400 basis points since September, is also the main reason for the depreciation of the Turkish lira, signaling that it will continue to cut interest rates. Due to this reason some exporters revised their offers to 1500-1550 Usd/mt for type nr.9.
Exporters continue to export at full speed, as they have only 2 weeks to ship their orders for New Year’s and Christmas.
The trade at the stock market in Izmir is only around 50 mt daily, meaning very poor. Sultana raisins are currently traded at 12.25 -12-50 TL/kg for type nr.9.
Market players stated that there is, therefore, uncertainty in the markets. Today, the Turkish Lira noted the Usd/TL rate at 11.42 TL ( 10.05 last week) and Euro/TL rate at 12.85 TL levels ( 11.48 last week), meaning a depreciation of almost 11% compared to last week.
Turkey’s total exports range at 68.006 mt until 20 Nov. 2021, which was 67.547 last year during the same period. Turkey exported 5364 mt of sultana raisins last week, which was 4981 mt during the same week of the previous Season.
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Sultana seedless raisin export figures on mt basis |
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Season |
Mt |
Ø Usd |
Ø Euro |
|
2021 |
68.006 |
1.825 |
1.621 |
|
2020 |
67.547 |
1.913 |
1.700 |
|
Since the beginning of the Season 2021 |
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Sultana Raisins, Turkey |
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|
Type |
USD/kg |
|
RTU-Grade, Type 8, medium |
1,50 |
|
Grade A, Type 9, STD |
1,50-1,55 |
|
Grade A, Type 10, STD |
1,75 |
|
Organic, Grade A, Type |
2,45 |
|
FOB Izmir |
|
Source:Trade etc..