Last Thursday, the Central Bank (CBRT) cut the policy rate by 100 basis points to 14 per cent. In December, the central banks of 55 countries worldwide, including the European Central Bank, have announced interest rate decisions. Fourteen of them increased interest rates, and interest rates were kept constant in 40 countries. Turkey was the only country that went the way of reduction. Turkish lira depreciation accelerated after the interest rate cut.
Market players reported that sultana raisins prices increase parallel with the currency rates. The costs for type nr nine are meanwhile climbed to 17 TL/kg level, being 15 TL/kg last week, but still, not many products come to the stock market, and there is not much trade. Exporters still offer 1500 Usd/mt for Type nr—nine due to the increased raw material prices and the production costs. However, the buyer side has calmed down due to Christmas and New Year’s Eve. Organic sultana raisins are offered at 2100 Usd/mt on a FOB basis.
Market players stated that there is no idea where the depreciation of the Turkish Lira will stop, which causes uncertainty in the markets. Today the Usd/TL rate was noted at 17.57 TL (13.84 last week) and Euro/TL rate at 19.80 TL levels (15.64 last week), meaning a depreciation of 26%, but there was a recovery in the evening and noted Usd/TL rate at 14.86 and Euro/TL rate at 16.85.
Turkey’s total exports range at 86.516 mt until 18 Dec. 2021, which was 85.937 mt last year during the same period. Turkey exported 5056 mt of sultana raisins the previous week, being 4005 mt during the same week of the previous Season.
| Sultana Raisins, Turkey, crop 2021 | |
| Type | USD/kg |
| Type 8, Std. Grade A | 1,50 |
| Type 9, Std. Grade A | 1,50 |
| Type 10, Std.Grade A | 1,65 |
| Type nr .9 Organic, Std. Grade A | 2,10 |
| FOB Izmir | |
| Seedless dried raisins exports on the mt basis | ||
| Season | 2021 | 2020 |
| Qty (mt) | 86.516 | 85.937 |
| From the beginning of the Season | ||
Source: Trade